World Wine Output to Fall to 37-Year Low, Depleting Stocks

Tuesday, 6 November, 2012
Rudy Ruitenberg, Bloomberg News
Global wine production will slump to the lowest in 37 years after weather damage to grapes from France to Argentina, forcing a draw down of stocks, the International Organisation of Vine and Wine said.
Output may fall to about 248.2 million hectoliters (6.56 billion gallons) this year from 264.2 million hectoliters in 2011, according to the group, known as OIV. That would be the lowest since at least 1975, Federico Castellucci, director general, said at a press conference in Paris today.

Drought and hail harmed vines and grapes in France and Italy, the biggest producers, while Argentina also suffered weather damage to its vineyards, according to Castellucci. The production slump will deplete stocks and result in a “tight” market for wine to make spirits and vermouth, the OIV head said.

“We’re dipping into the reserves for supply,” Castellucci said in an interview. “There’s a lack of product in bulk. Merchants worldwide are starting to turn to... read on

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World Wine Output to Fall to 37-Year Low!
World Wine Output to Fall to 37-Year Low!

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