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US: California grape oversupply over - analyst

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An oversupply of grapes in California is finally over, according to one industry analyst.

"We have passed the bottom of the cycle and we are starting on our way up," said Bill Turrentine of Turrentine Wine Brokerage in San Anselmo.

Quoted by the newswire service Associated Press, he said the California wine industry would in fct see a shortage of some varieties within a few harvests.

However, he warned that price pressure from the market would still be a problem, despite the balance of supply and demand.

"The market will continue to be price-sensitive, but supply will become constrained, and that will provide a real challenge," Turrentine said. "Grape prices have been low, in many cases below farming costs. We will see prices firm up, but there will be market resistance. They will not shoot up like the last time we went through this cycle."


Sectors: Wine

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