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24 September 2020 | Story Bulelwa Moikwatlhai | Photo Supplied
The third edition of the UFS International Cultural Diversity Festival took place on 24 September 2020, organised annually by the UFS Office for International Affairs in Heritage Month. As part of the South African Heritage Day celebrations, the event honours the different heritages at the UFS. The entire day is dedicated to the expression of diverse cultural experiences from all over the world. “Even during this uncertain time, it is important to find time to celebrate our uniqueness and to appreciate one another’s heritage and culture in the spirit of our humanity”, says Bulelwa Moikwatlhai, Coordinator of the International Cultural Diversity Festival. 

Connecting cultures

This year’s theme was ‘Connecting the Cultures’. It focused on the digital ways of connecting the world while sharing different cultural experiences and celebrations, as well as embracing Heritage Day. The day consisted of a lot of virtual activities, messages being shared, a collaboration of songs that brought light and laughter during this time of a world pandemic. “Individuals from different cultures have been invited to share their favourite cultural cuisines, regalia, songs, and dances, and last words of encouragement and support during these times in their home language while providing translation,” says Prof Corli Witthuhn, Vice-Rector: Research and Internationalisation. 

The programme included artistic presentations by the UFS Arts, Culture, and Dialogue office in the Students Affairs Division, coordinated by Angelo Mockie. 

International Cultural Diversity

Director of the UFS Office for International Affairs, Cornelius Hagenmeier, explained that cultural diversity is central to the university’s internationalisation process. He emphasised that the university actively strives to increase its international diversity, which nurtures intellectual cross-fertilisation and the incubation of new ideas. Central is that everyone, irrespective of culture and origin, should feel welcome at the UFS, he says.
The virtual festival allowed students and staff to share and celebrate who they are while learning from each other. This enhances the international and intercultural competencies of the transforming UFS community.

News Archive

Producers to save thousands with routine marketing strategies, says UFS researcher
2014-09-01

 

Photo: en.wikipedia.org

Using derivative markets as a marketing strategy can be complicated for farmers. The producers tend to use high risk strategies which include the selling of the crop on the cash market after harvest; whilst the high market risks require innovative strategies including the use of futures and options as traded on the South African Futures Exchange (SAFEX).

Using these innovative strategies are mostly due to a lack of interest and knowledge of the market. The purpose of the research conducted by Dr Dirk Strydom and Manfred Venter from the Department of Agricultural Economics at the University of the Free State (UFS) is to examine whether the adoption of a basic routine strategy is better than adopting no strategy at all.

The research illustrates that by using a Stochastic Efficiency with Respect to a Function (SERF) and Cumulative Distribution Function (CDF) that the use of five basic routine marketing strategies can be more rewarding. These basic strategies are:
• Put (plant time)
• Twelve-segment pricing
• Three-segment pricing
• Put (pollination)(Critical Moment in production/marketing process), and
• Pricing during pollination phase.

These strategies can be adopted by farmers without an in-depth understanding of the market and market-signals. Farmers can save as much as R1.6 million per year on a 2000ha farm with an average yield.

The results obtained from the research illustrate that each strategy is different for each crop. Very important is that the hedging strategies are better than no hedging strategy at all.

This research can also be applicable to the procurement side of the supply chain.

Maize milling firms use complex procurement strategies to procure their raw materials, or sometimes no strategy at all. In this research, basic routine price hedging strategies were analysed as part of the procurement of white maize over a ten-year period ranging from 2002–2012. Part of the pricing strategies used to procure white maize over the period of ten years were a call and min/max strategy. These strategies were compared to the baseline spot market. The data was obtained from the Johannesburg Stock Exchange’s Agricultural Products Division better known as SAFEX.

The results obtained from the research prove that by using basic routine price-hedging strategies to procure white maize, it is more beneficial to do so than by procuring from the spot market (a difference of more than R100 mil).

Thus, it can be concluded that it is not always necessary to use a complex method of sourcing white maize through SAFEX, to be efficient. By implementing a basic routine price hedging strategy year on year it can be better than procuring from the spot market.

Understanding the Maize Maze by Dr Dirk Strydom and Manfred Venter (pdf) - The Dairy Mail


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