Stochastic modeling is a key technique in event prediction and forecasting applications. Recently, stochastic models such as the Artificial Neural Network, Hidden Markov, and Markov Chain have received a significant attention in agricultural application. These techniques are capable of predicting the actions for the better planning and management in various fields. This work comprehensively summarizes and compares their applications such as their processing techniques, performance, as well as their strengths and limitations with regard to event prediction and forecasting. The work ends with recommendations on the appropriate techniques for cereal grain storage application.