Economy

Global wine production sinks to lowest level since 1961

Global wine production sinks to lowest level since 1961”

Wine makers might be drinking to forget this year Global wine production is set to dive to its lowest level in 56 years The Paris-based International Organisation of Vine and Wine estimates output will shrink by 8 percent compared to last year plummeting to levels last seen in 1961.

Worldwide wine production is set to drop 8.2 percent from last year's amount, the lowest level for nearly 60 years.

With harvests now at an end in the northern hemisphere, the final, official production figures are yet to come out, but the OIV's estimations predict a reduction of 23 percent in Italy to 39.3 mhl, 19 percent in France to 36.7 mhl, and 15 percent in Spain to 33.5 mhl, compared with 2016.

Earlier this month, Thierry Coste of the Copa-Cogenca farmer's union told reporters that this is "the lowest (European) harvest that we have seen since World War II", according to Agence France-Presse.

"The quality of the grape is nevertheless expected to be very good across Europe which should make for an excellent wine", he said, according to the wire service.

He added: "But just how many this is happening to is another question".

Figures from Portugal, Romania, Hungary and Austria will hold steady, the group said, as will South Africa and Australia.

Production in France will decline nearly 20 percent and Spanish production will be 15 percent lower - and Germany will see a drop of 8 percent from last year's production, the group reported.

The situation is less bleak in other wine-producing areas.

Reduced global production may erode a surplus over demand seen in recent years, when consumption was curbed by the effects of a world financial crisis in 2008. The OIV said it expected a consumption range of between 240.5 and 245.8 million hectoliters, but warned that it did not yet have firm demand data for 2017.



Like this

loading...
loading...

Latest


24 October 2017
Investor's Watch List: Steel Dynamics Inc. (STLD)
The firm has "Buy" rating given on Thursday, August 3 by RBC Capital Markets. 3,393 are owned by Washington Tru Commercial Bank. The basic materials company reported $0.66 earnings per share for the quarter, meeting the Zacks' consensus estimate of $0.66.

24 October 2017
Erratic Trading Showing Unusual Volume in Shares of PACCAR Inc (NASDAQ:PCAR)
The stock was trading at a distance of -4.06% from its 52-week highs and stands 38.50% away from its 52-week lows. PACCAR Inc has a beta of 0.76, offering the possibility of a higher rate of return, but also posing more risk.

24 October 2017
Logan's James Mangold is writing X-23 spinoff script about Laura
And what are we going to do with her?' And that's where we are with that [the Laura script] right now, dreaming". I feel glad to just be a part of the legacy of that character.

24 October 2017
Proficio Capital Partners LLC Boosts Holdings in Wal-Mart Stores, Inc. (WMT)
Garrison Bradford & Associates Inc holds 0.76% of its portfolio in Cohen & Steers Select Pref & Inc Fd, Inc for 31,054 shares. Wal-Mart Stores, Inc is engaged in the operation of retail, wholesale and other units in various formats around the world.

24 October 2017
Russian Federation vetoes United Nations extension of gas attack probe in Syria
This marks the ninth time that Moscow has vetoed against a draft resolution on Syria presented before the UN Security Council. But the proposal was rejected by the majority of the Security Council members.

24 October 2017
Halep makes dominant start to WTA Finals campaign with victory over Garcia
Playing her first match as the top-ranked player, Simona Halep beat Caroline Garcia 6-4, 6-2 at the WTA Finals on Monday.

24 October 2017
Colts' Hooker finished for year after tearing ACL, MCL
Hooker was the 15th overall pick in the 2017 National Football League draft for the Colts. Hooker quickly confirmed his season was over via his Twitter account.

24 October 2017
Hartford Financial Services Group, Inc. (the) - HIG - Stock Price Today
Keefe, Bruyette & Woods reissued a "buy" rating and set a $60.00 price target on shares of Hartford Financial Services Group, Inc. Several institutional investors have recently modified their holdings of HIG . 63 funds opened positions while 134 raised stakes.

24 October 2017
Amazon pulls online wine arm
Under existing laws, it's hard for Amazon to both sell its own wine and sell and advertise wine from third parties. Amazon has confirmed it is closing down its dedicated online wine arm - Amazon Wine , after just five years.

24 October 2017
AT&T extends Time Warner merger deadline
Archford Capital Strategies Llc increased Time Warner Inc New Com New ( TWX ) stake by 1099.56% reported in 2017Q2 SEC filing. The stock of Time Warner Inc (NYSE: TWX ) has "Sector Perform" rating given on Monday, October 24 by RBC Capital Markets.