Ocean Spray Completes Second Cranberry Auction
Ocean Spray cranberry concentrate is an ingredient in a variety of juice drinks, preserves, dairy products, confectionery and dietary supplements. The next cranberry auction will take place on April 28, 2010.
11 Feb 2010 --- Ocean Spray has successfully run its second cranberry concentrate auction, a trading platform introduced in 2009 to offer fair and transparent trading. Ocean Spray sold a total of 210,000 gallons of its concentrate in the most recent auction at a clearing price of $20.50 per gallon for the first contract delivery period (6 months following the auction) and $24 per gallon for the second contract delivery period (the subsequent 6 months). Ocean Spray’s concentrate auctions will now run on a quarterly basis to ensure interested parties can participate at regular intervals during the year.
Michael Stamatakos, Vice President, Agricultural Supply and Development at Ocean Spray said: “By using the auction process, we have been able to provide for open and efficient sales of our cranberry concentrate.”
Consulting firm CRA International developed the online trading system and served as the Trading Manager for the auction process. Bidders were able to track availability and pricing of the concentrate, making for a transparent approach.
Ocean Spray cranberry concentrate is an ingredient in a variety of juice drinks, preserves, dairy products, confectionery and dietary supplements. The next cranberry auction will take place on April 28, 2010.
