The eighth online event took place on July 27.
Source: Ocean Spray Ingredient Technology Group
Ocean Spray has published the results of its cranberry concentrate trading event, as the online platform celebrates its second anniversary. The eighth online event took place on July 27, and Ocean Spray reported the sale of a total 148,750 gallons of cranberry concentrate. Bidders opted for three or six month contract periods, with delivery from August 1 through October 2011 for the first contract, November 1, 2011 through April 2012 in the second, and May 1 through October 2012 for contract 3. The winning bids per gallon of concentrate were $21.00, $21.84, and $24.14 respectively for contracts 1, 2, and 3. A total of 17 companies participated in the July event.
Michael Stamatakos, Vice President, Agricultural Supply and Development at Ocean Spray said, “When we first introduced the online trading concept to the industry, our objective was to establish a fair and transparent trading system. After two years of successful events, the online trading platform has proven a distinct advantage for customers by allowing them to plan ahead for their concentrate needs. Participants are given complete transparency on pricing, because starting prices per gallon are set at 85 percent of the most recent trading event’s selling prices.”
Ocean Spray’s online cranberry concentrate trading platform was established in July 2009 to ensure a fair and transparent trading process. By participating, winning bidders secure fixed-priced contracts for each contract period and avoid any change in pricing based on market fluctuations for that period – thus gaining price stability and supply certainty.
The next trading event will take place in October 2011. Opening prices per gallon for the October event, set at 85% of the July event, will be: $17.85 for contract 1, $18.56 for contract 2, and $20.52 for contract 3.