Conditional random fields (CRF) are widely used for predicting output variables that have some internal structure. Most of the CRF research has been done on structured classification where the outputs are discrete. In this study we propose a CRF probabilistic model for structured regression that uses multiple non-structured predictors as its features. We construct features as squared prediction errors and show that this results in a Gaussian predictor. Learning becomes a convex optimization problem leading to a global solution for a set of parameters. Inference can be conveniently conducted through matrix computation. Experimental results on the remote sensing problem of estimating Aerosol Optical Depth (AOD) provide strong evidence that the proposed CRF model successfully exploits the inherent spatio-temporal properties of AOD data. The experiments revealed that CRF are more accurate than the baseline neural network and domain-based predictors.