>> Winemakers 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 organization of Fine and Wine estimates outputs will shrink by 8% compared to last year. Plummeting to levels last seen in 1961. The culprit, is the weather.
Suffering the most are the top three producers, Italy, France, and Spain. As spring forecasts and summer heat waves take their toll. Their output is seen down by 23, 19, and 15% respectively. The production plunge will likely dent the surplus developed since 2008, when the global financial crisis slashed consumption.
But the effect on prices will depend on the level of stocks from previous years. And the quality achieved in landmark regions. The world's smallest producers are also toasting their comparative success. Australia is expected to produce 6% more wine than last year. While Argentina is set for a whopping 25% jump.
They'll certainly be raising a glass to that.