Produsente van landboukommoditeite, veral in ontwikkelende lande, word blootgestel aan prysrisiko's. Markte vir landboukommoditeite in Suid-Afrika, soos in die res van die wêreld, is die afgelope aantal jare gekenmerk deur prosesse van deregulering. Die bemarkingsrade wat aanvanklik verantwoordelik was vir die bemarking van landbouprodukte, het ontbind en produsente van landbouprodukte moes nuwe metodes vind om hulle produkte te bemark. Een van die metodes wat gebruik word, is termynkontrakte. Witmielies en geelmielies is die twee landboukommoditeite wat in die grootste hoeveelhede geproduseer word in Suid-Afrika. Witmielies en geelmielies word as twee afsonderlike kommoditeite verhandel op die termynbeurs. Witmielies word hoofsaaklik aangewend vir menslike verbruik en geelmielies vir dierevoer. Hierdie studie fokus hoofsaaklik op witmielies. Die prys van mielies word beïnvloed deur veranderinge in die vraag daarna en aanbod daarvan. Faktore wat die vraag en aanbod van mielies beïnvloed is, onder andere, oesskattings, reënval, die wisselkoers en die pryse van mielies op die buitelandse mark, veral die markte in die VSA. In Suid-Afrika vorm die invoerpariteit en uitvoerpariteit 'n band waarbinne die prys van mielies varieer. Die doel van hierdie studie is om 'n regressievergelyking te konstrueer ten einde prys van die witmielietermynkontrakte te verklaar. Die regressie-analise word deur middel van 'n foutherstellende model met outoregressiewe foutterme behartig. Die regressie-analise slaag daarin om die prys van witmielietermynkontrakte te verklaar. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2004.

Produsente van landboukommoditeite, veral in ontwikkelende lande, word blootgestel aan prysrisiko's. Markte vir landboukommoditeite in Suid-Afrika, soos in die res van die wêreld, is die afgelope aantal jare gekenmerk deur prosesse van deregulering. Die bemarkingsrade wat aanvanklik verantwoordelik was vir die bemarking van landbouprodukte, het ontbind en produsente van landbouprodukte moes nuwe metodes vind om hulle produkte te bemark. Een van die metodes wat gebruik word, is termynkontrakte. Witmielies en geelmielies is die twee landboukommoditeite wat in die grootste hoeveelhede geproduseer word in Suid-Afrika. Witmielies en geelmielies word as twee afsonderlike kommoditeite verhandel op die termynbeurs. Witmielies word hoofsaaklik aangewend vir menslike verbruik en geelmielies vir dierevoer. Hierdie studie fokus hoofsaaklik op witmielies. Die prys van mielies word beïnvloed deur veranderinge in die vraag daarna en aanbod daarvan. Faktore wat die vraag en aanbod van mielies beïnvloed is, onder andere, oesskattings, reënval, die wisselkoers en die pryse van mielies op die buitelandse mark, veral die markte in die VSA. In Suid-Afrika vorm die invoerpariteit en uitvoerpariteit 'n band waarbinne die prys van mielies varieer. Die doel van hierdie studie is om 'n regressievergelyking te konstrueer ten einde prys van die witmielietermynkontrakte te verklaar. Die regressie-analise word deur middel van 'n foutherstellende model met outoregressiewe foutterme behartig. Die regressie-analise slaag daarin om die prys van witmielietermynkontrakte te verklaar. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2004.

In Swaziland, maize is important for food security, yet its production is low and the country has not achieved self-sufficiency. Swaziland has had a shortfall in domestic maize production since independence. About 80 percent of the rural population never has enough maize for consumption. The National Maize Corporation (NMC) was established as a self-sufficiency mechanism in 1985. The NMC is the only white maize importer and is also responsible for the stabilisation of domestic prices. The organisation has endeavoured to stabilise Swaziland's maize prices, though they are still high by regional comparisons. This study seeks to investigate the relationship between Swaziland and South African white maize prices in the presence of maize marketing and pricing policy, as implemented by the NMC. The maize marketing policy controls flow of maize imports and exports in Swaziland, while the pricing policy controls the domestic white maize prices. The current pricing relationship between the two countries was compared with a scenario where marketing and pricing policies in Swaziland are absent. This was done in order to gauge the effect that these policies have on the integration of Swaziland into the regional maize market and ultimately how Swaziland maize prices are affected by price transmission process in the presence and absence of these policies. The study used secondary data from the NMC, the Ministry of Agriculture, and journals. Monthly data from 2000 to 2014 are used and econometric time series techniques are applied. The study hypothesised that there is a long-run relationship between Swaziland and South African maize prices, given the current market structure. It also hypothesised the short-run dynamics correct deviations from the long run in a fast and efficient manner. Lastly, it is hypothesised that current policies are not hampering marketing integration or impeding regional price signals to flow through to Swaziland maize markets. The results confirm the presence of a long-run price relationship between the above-mentioned markets. In the presence of the current maize marketing and pricing policy, the error correction term corrected or adjusted the disequilibrium, from long-run equilibrium levels, at a speed of 3.8 per cent per period, indicating relatively slow correction. This could serve as evidence of inefficient integration between the two markets and an indication of weak arbitrage process. Weak arbitrage, in turn, has definite welfare implications in that it leads to inefficient allocation of resources. In comparison to the other scenario, there is a slight difference: when analysing the relationship between import parity and Swaziland domestic prices without policy measures, short-run and long-run relationship between markets are also confirmed. Here the error correction term, however corrected the disequilibrium of the system at a speed of 4.7 percent per period. This shows a slight improvement of efficiency when policies are eliminated. This study could be useful to policy makers in that it imparts knowledge on how world price signals are transmitted to their domestic markets. Understanding the price dynamics could, therefore, facilitate policy formulation related to price and marketing in the white maize industry. The findings of this study could ultimately also inform the self-sufficiency versus food affordability debate. / Dissertation (MSc (Agric))--University of Pretoria, 2016. / Agricultural Economics, Extension and Rural Development / MSc (Agric) / Unrestricted

This study was concerned with the level of acceptability and perceptions of three types of commercially produced roller-milled white maize meal namely: sifted unfortified, sifted fortified and super fortified versus hammer-mill produced white and yellow maize meal (with and without fibre) among Shangaan consumers in Giyani in the Limpopo Province, South Africa (SA). The local households produce maize grain on a small scale or buy it from small scale farmers and take it to the local small scale millers for milling for a fee. The 48 participants for this project were female consumers (eighteen years old or older). The study was divided into two phases. The aim of the first phase was to determine the difference if any in acceptability of the sensory attributes of the various maize meal types. It employed a sensory evaluation technique which is a quantitative scientific method in which numerical data was collected and analysed in order to determine and compare consumer acceptability. The aim of the second phase was to discuss the perceptions of these consumers in relation to the products and employed focus-group interviews. During phase one maize meal porridge was prepared by local community volunteers under careful supervision in a standardized manner. The porridge was served warm: two samples at a time, marked with 3-digit random codes. None of the participants had any prior information pertaining to the samples they were tasting at any time. The identity of the samples were only revealed during the focus-group interviews (phase two). Consumers preferred (liked) white sifted fortified maize meal porridge on a double blind basis more than the white sifted unfortified maize meal porridge. Hammer-mill white and hammer-mill yellow maize porridge with fibre were equally disliked by participants. There was no significant difference in the acceptability of hammer-mill white compared to yellow maize meal without fibre. No significant difference was found in preference for aroma, colour, consistency and taste between white sifted unfortified and super fortified maize meal compared to white hammer-mill maize meal without fibre. The difference in taste preference can only be attributed to the fortificant that is added commercially to the maize meal. This is quite a significant finding and different to that measured prior to the implementation of the SA National Fortification Scheme, where no impact on taste was measured. Furthermore, consumers’ preference for fortified maize meal on a double blind bias is in contrast to previous findings of research indicating a degree of dislike among consumers regarding fortified maize meal, according to maize millers’ opinion. During phase two focus-group interviews were conducted immediately following phase one. The participants sat in a cluster for these interviews. The qualitative data was transcribed verbatim into text for analysis and discussion of results. At least 40 out of 48 consumers stated that they liked the hammer-mill yellow maize meal porridge in terms of aroma, colour, texture, taste and for its nutritional value. Those in Homu 14 village stated that if the price of roller-mill maize meal was similar to that of yellow maize meal they would buy both maize types as they liked them equally but those in Mahlathi would buy yellow maize meal for nutritional reasons. / Dissertation (MConsSci (General))--University of Pretoria, 2008. / Consumer Science / unrestricted

Genetically modified food is a reality for many modern-day consumers around the world. With the introduction of GM food to the food market, consumers were faced with a number of new products and also familiar products containing new ingredients. The introduction of genetically modified food products to food markets around the world, led to a lot of controversy. In many cases consumer attitudes and perceptions of GM food products were revealed as fears, concern for, and avoidance of the new technology. Consumer attitudes, perceptions and acceptance towards the use of genetically modified foods or -food ingredients are currently highly relevant issues for role-player such as researchers, government, food companies, biotechnology companies, retailers and farmers all over the world.The importance of genetically modified food products in South Africa is increasing, even though the debate surrounding genetically modified food products lags behind many other (often more developed) parts of the world. Genetically modified white maize is among the agricultural crops approved for commercial production in South Africa. The production of genetically modified white maize in South Africa increased dramatically from its introduction in the 2001/2002-production season. White maize, especially in the form of super- and special maize meal, is an extremely important staple food source for consumers of all age groups in South Africa. The implication of the significant increase in the cultivation of genetically modified white maize is that the product is entering the South African food market at an increasing rate. In reality South African consumers are increasingly exposed to food products containing genetically modified white maize. This goes hand in hand with increasing consumer awareness regarding genetically modified food issues.The general objective of the dissertation is to develop an understanding of the perceptions, attitudes, acceptance and knowledge of South African urban consumers, regarding GM white maize as a staple food product within South Africa. The specific objectives are to identify trade-offs between selected attributes of maize meal and to determine the relative importance of selected GM characteristics within the trade-offs by means of a conjoint experiment, to construct market segments based on the outcomes of a conjoint experiment, to determine the effect of consumer perceptions on the sensory experience of white maize porridge and to determine the knowledge, perceptions and GM food acceptance of the different market segments.Quota sampling was applied to obtain a random sample of 80 urban white-maize consumers, based on the LSM (Living Standard Measures) market segmentation tool. The respondents participated in sensory evaluation of maize porridge. This was followed by a conjoint experiment designed around three selected product characteristic variables describing a 2.5kg packet of super white maize meal: “Brand variable”, “Genetic modification variable” and “Price variable”. Market segmentation was done through Ward’s hierarchical cluster analysis based on the conjoint results. The final phase of the experimental analysis involved the profiling of the identified clusters based on demographic variables, respondents’ knowledge of genetic modification and respondents perceptions, attitudes and acceptance towards genetically modified food.The limited sample size (80 respondents) could influence the ability of the results to reflect on the population of urban white maize consumers given the presence of GM food in the market. However, the experimental results should be seen in view of general trends in South Africa and available anecdotal evidence supporting the results of the study. The results of this study could go a long way in representing the results of a more representative sample of urban white maize consumers given the presence of GM food in the market.The cluster analysis revealed that the sample of urban, white maize consumers could be grouped into three meaningful and distinct market segments, based on their preferences for branded- versus non-branded white-grained maize meal, as well as their preferences for non-GM white maize meal versus GM white maize meal with various types of genetic manipulations. The “Anti-GM” segment (35% of the sample) is particularly negative towards GM food irrelevant of the type of genetic modification applied to the food. The “Pro-GM farmer sympathetic” segment (20% of the sample) is positive towards genetically modified food in cases where the farmer receives the benefit of the genetic modification. The “Pro-GM” segment (45% of the sample) is generally positive towards GM food, but especially when the consumer receives the benefit of the genetic modification. The results indicated that the differences among the cluster groups were more prominent than the differences among the LSM groups. Thus, the clusters were most effective to distinguish between sub-groups in the experimental sample.The results of the respondents’ knowledge of genetic modification indicated that there is some degree of confusion among respondents regarding the meaning of genetic modification, as well as discrepancies between perceived and actual knowledge levels of genetic modification. In general, the respondents’ knowledge of GM food is relatively low.A strong positive correlation was observed between the sample respondents’ exposure to GM food related terms and their perceived understanding of these issues, implying that the exposure caused the respondents to learn more about GM food related terms. The balanced GM food information presented to the respondents during the experimental procedure probably influenced their knowledge levels and opinions about GM food as the experiment evolved. Despite these observations the research methodology was still deemed as appropriate. The GM food knowledge gained by the respondents during the experiment could be seen as a simulation of situations where they could receive GM food information from external sources such as television, radio, magazines or newspapers. The cluster profiling revealed that urban white-grain maize consumers’ perceptions and attitudes towards GM food were the strongest distinguishing factors between the various market segments, especially the preferences of the various cluster groups for non-GM maize or maize that was genetically modified for consumer benefit or maize that was genetically modified for producer benefit. Demographic factors and GM knowledge aspects did not really contribute towards distinguishing between the clusters.The dissertation determined that there is a need for a better understanding of consumer perceptions, attitudes towards and acceptance of GM food products, which could enable producers and scientists to engage in more consumer driven product development and marketing activities. Consumer acceptance is the most critical factor for the success of GM food products within the South African food market place and could shape the future of the agricultural modern biotechnology industry and the agricultural sector in South Africa. / Dissertation (MSc (Agric) Agricultural Economics)--University of Pretoria, 2004. / Agricultural Economics, Extension and Rural Development / unrestricted

The South African white maize market is considered to be significantly more volatile than any other agricultural product traded on the South African Futures Exchange (SAFEX). This accentuates the need to effectively manage price risk, by means of hedging, to ensure a more profitable and sustainable maize production sector (Geyser, 2013:39; Jordaan, Grové, Jooste, A. & Jooste, Z.G., 2007:320). However, hedging at lower price levels might result in significant variation margins or costly buy–outs in order to fulfil the contract obligations. This challenge is addressed in this study by making use of technical analysis, focusing on the development of a practical and applicable composite technical indicator with the purpose of improving the timing of price risk management decisions identified by individual technical indicators. This may ultimately assist a producer in achieving a higher average hedge level compared to popular individual technical indicators. The process of constructing a composite indicator was commenced by examining the prevailing tendency of the market. By making use of the Directional Movement Index (DMI), as identified in the literature study, the market was found to continually shift between trending prices (prices moving either upwards or downwards) and prices trading sideways. Consequently, implementing only a leading (statistically more suitable for trading markets) or lagging (statistically more suitable for trending markets) technical indicator may generate false sell signals, as demonstrated by the application of these technical indicators in the white maize market. This substantiated the motivation for compiling a composite indicator that takes both leading and lagging indicators into account to more accurately identify hedging opportunities. The composite indicator made use of the Relative Strength Index (RSI) and Stochastic oscillator as leading indicators, and the Exponential Moving Average (EMA) and Moving Average Convergence Divergence (MACD) as lagging indicators. The results validated the applicability of such a composite indicator, as the composite indicator outperformed the individual technical indicators in the white maize market. The composite indicator achieved the highest average hedge level, the lowest average sell signals generated over the entire period, as well as the highest average hedge level as a percentage of the maximum price over the entire period. Hence, the composite indicator recognised hedging opportunities more accurately compared to individual technical indicators, which ultimately led to higher achieved hedging levels. / MCom. (Risk management), North-West University, Potchefstroom Campus, 2014

The South African white maize market is considered to be significantly more volatile than any other agricultural product traded on the South African Futures Exchange (SAFEX). This accentuates the need to effectively manage price risk, by means of hedging, to ensure a more profitable and sustainable maize production sector (Geyser, 2013:39; Jordaan, Grové, Jooste, A. & Jooste, Z.G., 2007:320). However, hedging at lower price levels might result in significant variation margins or costly buy–outs in order to fulfil the contract obligations. This challenge is addressed in this study by making use of technical analysis, focusing on the development of a practical and applicable composite technical indicator with the purpose of improving the timing of price risk management decisions identified by individual technical indicators. This may ultimately assist a producer in achieving a higher average hedge level compared to popular individual technical indicators. The process of constructing a composite indicator was commenced by examining the prevailing tendency of the market. By making use of the Directional Movement Index (DMI), as identified in the literature study, the market was found to continually shift between trending prices (prices moving either upwards or downwards) and prices trading sideways. Consequently, implementing only a leading (statistically more suitable for trading markets) or lagging (statistically more suitable for trending markets) technical indicator may generate false sell signals, as demonstrated by the application of these technical indicators in the white maize market. This substantiated the motivation for compiling a composite indicator that takes both leading and lagging indicators into account to more accurately identify hedging opportunities. The composite indicator made use of the Relative Strength Index (RSI) and Stochastic oscillator as leading indicators, and the Exponential Moving Average (EMA) and Moving Average Convergence Divergence (MACD) as lagging indicators. The results validated the applicability of such a composite indicator, as the composite indicator outperformed the individual technical indicators in the white maize market. The composite indicator achieved the highest average hedge level, the lowest average sell signals generated over the entire period, as well as the highest average hedge level as a percentage of the maximum price over the entire period. Hence, the composite indicator recognised hedging opportunities more accurately compared to individual technical indicators, which ultimately led to higher achieved hedging levels. / MCom. (Risk management), North-West University, Potchefstroom Campus, 2014