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Ocean Spray trading event confirms increased demand

01 November 2011

Ocean Spray has reported the results of its online cranberry concentrate trading event. Total sales of 197,500 gallons of cranberry concentrate were secured at the latest event on 27 October, 2011

Bidders opted for three or six month contract periods, with delivery from 1 November 2011 through January 2012 for the first contract, 1 February through July 2012 in the second and 1 August 2012 through January 2013 for the third contract.

The winning prices per gallon of concentrate were $28.10, $28.06 and $28.50 respectively for contracts 1, 2 and 3. A total of 17 companies participated in the October event.

Michael Stamatakos, Vice President, Agricultural Supply and Development at Ocean Spray said, “This is the fifth quarterly trading event where cranberry concentrate prices have increased as worldwide sales of cranberry products have grown.

“Based on reporting from the Cranberry Marketing Committee, year-over-year industry sales are trending up resulting in a 7% sales increase in crop year 2010. With the increased demand for cranberries this year we expect the overall industry inventory to decrease by over 11% year on year.”

The quarterly cranberry concentrate trading event, established by Ocean Spray in 2009, provides customers with an efficient means of executing fixed-price contracts for future delivery of cranberry concentrate, gaining price stability and supply certainty.

The cranberry concentrate trading event allows the market to determine the price in a fair and equitable way and, 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.

The next trading event will take place in January 2012. Opening prices per gallon, set at 85% of the closing prices in the October event, will be:

· $23.89 for contract 1

· $23.85 for contract 2

· $24.23 for contract 3

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