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03 March 2023 | Story Nonsindiso Qwabe | Photo Stephen Collett
Prof Francis Petersen_ UFS Official Opening 2023
Prof Francis Petersen outlined the strategic intent of Vision 130 during his official welcoming address.

The trajectory to 2034, when the university turns 130, is not a dream, but an exciting journey that we are working towards achieving. Painting a picture of the university of the future, UFS Rector and Vice-Chancellor, Prof Francis Petersen, welcomed staff in his official opening speech on the Bloemfontein Campus on Friday 17 February 2023.

2023 marks the starting point of Vision 130, a vision with bold ambitions that will lead us to the renewal, re-imagining, and repositioning of the UFS in 2034, Prof Petersen said.  “We are building on our strengths, achievements, and learnings of our past and, in particular, the past five years. The vision is driven by excellence, and we won’t compromise excellence. It is about excellence, but it is also about visibility as an institution, and it is about impact.”

What does the UFS look like in 2034?

Prof Petersen said ours will be a university of choice for exceptional students, exceptional academics, and exceptional support staff. We will be recognised and acknowledged by peers and society as a top-tier university in South Africa, specifically among the top five universities in South Africa and the top 600 globally.

“Remember, I said we have built on the past, specifically the past five years, to give us a foundation. Still, we need to use that foundation to be able to deliver those specific goals or activities or deliverables that we want to achieve. We will have to start now if we want to achieve this in 2034.”

The Rector outlined four goals towards achieving these commitments:

• Improving academic excellence, improving our reputation, and improving our impact.

• Promoting an environment of agility, flexibility, and responsiveness.

• Advancing a transformational institutional culture that demonstrates the values of the University of the Free State – a place where ideas are discussed, contested, improved, and implemented in a culture of civil, robust engagement.

• Promoting stewardship and the prioritisation of institutional resources for strategic intent, which include our people, our staff, and our students.

Understand how your space is connected to Vision 130

“This is about creating a culture of delivery and empowering everyone within the University of the Free State and the UFS community to contribute to the realisation of Vision 130. This is what I am asking of you within your own sphere of operation. I am asking for a renewed commitment from you to own that space that you operate in. To understand how your space is connected to Vision 130 and to share what I would call an unrelenting ambition to deliver on this vision.”

Watch recording of the 2023 Official Opening below:


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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