Cranberry concentrate: it's going, going, gone ...

Selling cranberry concentrate via online auction has made the purchasing process faster and fairer, Ocean Spray has claimed after successfully completing its first auction at www.cranberryauction.com.

Historically, the firm has sold concentrate through spot sales or longer-term contracts negotiated on a one-to-one basis with individual customers.

However, the new approach was a more efficient and transparent way of establishing a clearing price, making product available to all qualified buyers worldwide on a consistent basis, claimed the firm.

Out of the 37 buyers registered for the first auction on July 22, 34 participated, said Ocean Spray, which sold 230,000 gallons at a clearing price of $33/gallon for the first contract delivery period (six months following the auction) and $34/gallon for the second contract delivery period (the subsequent six months).

There is a minimum order quantity of 1,900 US gallons.

Cranberry concentrate is widely used in juice drinks, preserves, dairy products, confectionery and supplements.