Naïve models are used and so are sophisticated ARIMA models. Futures price based forecasts are also made for short term. Economic models based on demand and supply are regularly used by US Department of Agriculture (USDA). The research shows that the economic model based forecasts give larger error than time series models as also naïve models. In the Indian context, though economic models have been used to develop a price forecast for wheat, there is a need to develop time series based models for possible improvement on economic models.