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...better qualities at higher prices. Most appellations have now ended their futures campaigns. The producers in Beaujolais, who had hoped to see prices rise to 150 Euros per hectolitre, were disappointed. The other 2006s will come onto the market on the 15th of December.
The situation in Spain is, on the whole, equally tense. Overproduction has kept red wine prices under such pressure that southern Spain remains the destination of choice for buyers of entry level price points. Rosés prices have even fallen. White wines are under less pressure as the original fear that the majority of them would be too full bodied for the sparkling industry has proven unfounded. Although Penedés harvested 20% more volume than in 2005, prices there remain high.
Due to drought, even the larger 2006 crop was 10% below the long term average and volumes are short.
Italy’s excellent 2006 vintage has whetted the appetite of numerous buyers. Most producers hope to raise their prices without losing their competitive edge. This is particularly true in Friuli, where volumes were down by 10% over last year.
The first 2006s in Germany sold through rather quickly at prices similar to those of last year. Riesling from the Rheingau and Mosel, however, is in greater demand and prices are rising for the little wine that is on the market.
Growers in Argentina and South Africa remain under severe price pressure. In many cases new plantings are loosing money. In Chile, the strong peso has further complicated matters. At present it is unclear how the drought and frost in Australia will affect the pricing of the 2007 vintage.
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