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Global Market Alert - Initial European Harvest Update

Photo for: Global Market Alert - Initial European Harvest Update

This year the harvest in Europe’s three main producing countries has been affected by unfavorable weather issues causing yields to be significantly lower.

22/06/2018

Spain, France, and Italy faced the same weather issues. There was a frost in April, hail in June, and severe heat in July and August along with minimal rainfall during the winter. As a result, France and Italy’s harvest began up to a month earlier than usual.

The yields from the first pressings are down by 30% in Spain (MANCHA), 25% in France (Languedoc), and 30% in Italy (Puglia and Sicily). The Assoenologi (Enologist association in Italy) on August 22nd, forecasted a 25% decrease in crops; 41,1 million hectoliters(4.110 billion liters) versus 54,13 hectoliters in 2016. In July, France’s Agrimer were already estimating a 17% decrease in crops. Now, most are predicting a 20% loss. Spain’s national crop historically has been 38-40 million hectoliters. In July the Cooperative Agro-Alimentarius of Castilla la Mancha predicted 21,5 million hectoliters versus 24.22 in 2016, a decrease of over 11%.

Extremadura region should start harvest in the next 10 days which will give us a better view. The quality of the white wine should be good, however, the acidity in the whites will be lower. The reds have to be harvested earlier than they have been in the last five years, as there could be higher alcohol content. Potentially this may affect the phenolic maturity of the reds, as well. In short, the smaller yields (potentially 30 million hectoliters) will cause prices to increase; although no prices have been determined at this time. Additionally, given lower yields in South America and what looks like to be an average crop in California the bulk wine market could be tight in 2018. contributed by our partner sponsor Ciatti

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