Ocean Spray Announces October Auction Results
By participating in the auction, winning bidders secure fix-priced contracts for each contract period and avoid any change in pricing based on market fluctuations for that period.
Nov 1 2010 --- Ocean Spray’s latest auction was held on 27th October. A total of 23 companies participated in the auction. Ocean Spray sold a total of 216,000 gallons of its concentrate. For the first contract delivery period (three months), Ocean Spray sold 77,600 gallons at a clearing price of $16.75 per gallon; for the second contract delivery period (six months), 67,400 gallons were sold at $17.50 per gallon; and, for the third contract period (6 months), 71,000 gallons were sold at $18 per gallon.
Michael Stamatakos, Vice President, Agricultural Supply and Development at Ocean Spray, commented: “We believe the results of the auction reflect the fact that buyers see this as a great time to innovate with cranberry. We sold 96% of the volume of concentrate we offered for sale, and we saw prices rise from the historically low levels seen in the last auction results.”
Ocean Spray’s online cranberry concentrate auction was established to ensure a fair and transparent trading system. By participating in the auction, winning bidders secure fix-priced contracts for each contract period and avoid any change in pricing based on market fluctuations for that period – thus the auction offers manufacturers price stability and supply certainty. More information can be found at www.cranberryauction.info. Ocean Spray cranberry concentrate is a key ingredient in a variety of juice drinks, preserves, dairy products, confectionery and dietary supplements.
