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May 2017Volume 8, Issue No. 5

Ciatti Global Wine & Grape Brokers1101 Fifth Avenue #170

San Rafael, CA 94901

Phone (415) 458-5150

Global Market Report

Photo: Ciatti.com

Photo: Ciatti.com

2Ciatti Global Market Report | May 2017

A Europe-wide frost episode towards the end of April touched most if not all

growing regions of France and some northern growing areas of Spain and

Italy. A precise picture of the extent of the losses caused by this episode will

not emerge until the end of May at the earliest; tentative initial estimates

given for the losses in the Languedoc are 5-10%, while La Mancha was largely

unscathed. The downward revision in Europe’s expected 2017 harvest

volumes (not just those of the big three but Germany’s and Eastern Europe’s

too), combined with the short 2017 harvests in Argentina and Chile, is serving

to firm up prices across the world.

If the global supply-demand situation was not quite in balance before, it surely

must be soon. Prices in South Africa – its smooth and incident-free 2017

harvest (approximately 1.4 million tonnes) proving anomalous to the global

picture – have risen in part because of speculation that international buyers

will enter the market later in 2017 in search of wine representing better value

for money. Ciatti South Africa is yet to see as large a swing in business from

Chile to South Africa as might have been expected: Chile is working hard to

insulate large and longstanding customers against much of the price increases.

In Argentina, good profit margins on Malbec are difficult to come by, both for

domestic and international customers. This would normally prove good news

for Chile, but of course the Chilean market is itself highly pressured.

France can currently offer, for example, some 2016 Bordeaux international

varietal bulk at cheaper prices than Chile can, demonstrating how topsy-

turvy the global market has grown. Is the global bulk wine market moving

towards a paradigm shift in which bulk wine buyers will need even greater

flexibility regarding when and where they source their product? A market in

which, for example, a bulk Merlot buyer may look to cover short-term needs

with some Chilean product, and then must switch to a South African Merlot,

then a French, realising that – despite longstanding perceptions – France is

competitive on a price-quality ratio? Buyers must become aware now more

than ever before that they operate in a global market with global opportunities.

The need to chase specific varietals will only increase if the gradual trend away

from generic bulk wines towards varietal bulk continues, a trend seemingly

powered by consumers in many markets trading-up a little.

According to the OIV, global wine production fell by 3% between 2015 to 2016

to come in last year at 267 million hectolitres; worldwide consumption in

2016 was stable with the previous year at 242 million hectolitres. If the trend

for lower volume harvests continues, could we be nearing a stage in which

consumption exceeds production? Navigating this scenario of tighter supply,

higher prices and shifting consumer patterns requires – more than ever –

expertise and a global view. Give Ciatti a call.

3 California

5 Argentina

6 Chile

10 France

12 Spain

14 Italy

15 South Africa

17 Australia

18 New Zealand

8 Market Focus: China

19 John Fearless

20 USD Pricing

22 Contacts

Volume 8, Issue No. 5

May 2017

No part of this publication may be reproduced or transmitted in any form by any means without the written permission of Ciatti Company.

Robert Selby

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California’s vineyards are starting to bloom. The

weather has been good and frost has not been an issue:

the frost risk dissipates after mid-May. Bloom needs

to finish before an accurate assessment is made of

bunch counts, but tentative bunch count indications

mainly on the early and/or white varieties is that they

are healthy in the North Coast and average in the Lodi

and northern San Joaquin areas of the Central Valley,

as well as in the Central Coast where the younger vines

are looking good bunch-wise, the older vines average.

The market for 2017 grapes is still very tight. The market

is seeing the sort of steady activity you’d expect to find

on a market with one of the highest percentages of

contracted fruit, on multi-year contracts, that Ciatti

has ever seen. A lot of Ciatti’s activity is taken up with

upping supply on existing contracts and extending those

contracts. Growers are cautious, not knowing if they

are going to have any excess tonnages beyond what is

already contracted. It’s a case of waiting until closer to

harvest to see how decent in size the crop will be, and

then spot deals and a bit of excitement may occur on the

market.

Bulk wine can be tough to find and prices are currently

higher than the grape equivalents: rather than buy bulk

wine, it would be cheaper for the buyer to buy the fruit

and process it themselves. Overall, the firm pricing has

continued to be steady over the past few months.

The markets for Chardonnay and Pinot Noir remain

hot, with demand strong and inventories not long. The

big 2016 Pinot Grigio harvest – 243,655 tons, 31.6%

up on 2015, thanks to new plantings coming online

– has served to slow the Pinot Grigio market a little.

Sauvignon Blanc remains hot, exacerbated by small

recent harvests for that varietal. The big 2016 Cabernet

Sauvignon harvest (577,192 tons, a historic high) has

helped slow the Cabernet market a little.

The USDA’s latest California grape acreage report shows

that Cabernet’s bearing acreage (defined as vines older

than three years’ old) has risen by 10,000 acres in 10

years, from 74,643 acres in 2007 to 84,584 in 2016. If the

Cabernet market feels like it’s getting out of balance,

there are a fair amount of Cabernet vines 20-25 years

old that could be taken out to help rebalance the market.

Growth of Pinot Noir acreage in 2007-2016 was even

bigger than Cabernet, from 24,427 acres in 2007 to

41,351 acres in 2016.

California’s 2016 Chardonnay acreage of 91,333 acres

was in line with 2007, though it had risen to over

94,000 acres in 2013 and 2014 before falling back since.

Sauvignon Blanc acreage has barely moved, remaining

in line between 2007 and 2016, when it totalled 14,381

acres. But Pinot Gris acreage has almost doubled: from

7,365 acres in 2007 to 13,710 acres in 2016. Off a low

base, Malbec acreage has risen every year for the past

ten years and doubled in extent between 2012 and 2016,

from 1,745 to 3,443 acres.

Total 2016 wine grape acreage in California was

estimated at 602,000 acres, down 1% from 608,000

acres in 2015 and down from 615,000 acres in 2014.

There were an estimated 560,000 bearing acres in 2016,

no change from 2015 and down slightly from 565,000

acres in 2014. Non-bearing acres in 2016 totalled 42,000

acres, down 12.5% from 48,000 acres in 2015 and 50,000

acres the year before.

Regarding imports, most US buyers of international

wine made their moves early regarding the situations

in Chile and Argentina, and are insulated from much of

the price rises on those markets and/or sourcing their

wines from alternative sources, California being one.

CaliforniaTime on target

HARVEST WATCH: The 2017 growing

season is proceeding smoothly; frost has not

yet been an issue and bloom is starting to

occur.

See next page for pricing.


The market for 2017 grapes remain tight,

with the great majority of fruit pre-

contracted. The markets for Chardonnay,

Sauvignon Blanc and Pinot Noir wines

remain hot; some of the heat has been

taken out of the Cabernet and Pinot

Grigio markets because of their big

2016 crops. Due to the situations in

South America and Europe, California

will receive attention from US buyers of

international wines.

Key Takeaways

Ciatti ContactsImport/ExportCEO – Greg Livengood

Steve Dorfman

T. +415 458-5150

E. [email protected]


DomesticT. +415 458-5150

John Ciatti – [email protected]

Glenn Proctor – [email protected]

John White – [email protected]

Chris Welch – [email protected]

California: Current Market Pricing (USD per liter)

Vintage Variety Price Trend Vintage Variety Price Trend

2016 Generic White 0.79 – 0.99 ↔ 2015 Generic Red 0.80 – 1.05 ↔

2016 Chardonnay 1.45 – 1.88 ↑ 2014/15 Cabernet Sauvignon 1.59 – 2.11 ↔

2016 Pinot Grigio 1.45 – 1.98 ↔ 2015 Merlot 1.32 – 1.58 ↔

2016 Muscat 1.19 – 1.32 ↔ 2015 Pinot Noir 1.85 – 2.25 ↑

2016 White Zinfandel 0.85 – 0.99 ↔ 2015 Syrah 1.32 – 1.58 ↔

2016 Colombard 0.86 – 1.12 ↔ 2014/15 Zinfandel 1.72 – 2.11 ↔

http://www.transolve.com.au/


The harvest is over in Argentina, some of the wines

have already finished malolactic fermentation and

are being racked for winter. The latest harvest volume

estimate is 1.95 million tons, up approximately 10%

on the 1.7 million tons of 2016 but down some 20-25%

on the new average of 2.5 million tons. This is adding

pressure to an already pressurised market: high 2017

grape prices are going to translate into high wine

prices.

The fruit came in in excellent health following a harvest

without disease pressure. Early tastings have reported

back very good quality: the grapes are producing wines

of good concentration and colour, with a fruity or

powerful nose, and alcohol levels at the normal 13-13.5%

level in the standard wines and higher alcohol levels in

the better qualities.

Approximately USD2.0/litre will be the price for

standard quality 2017 Malbec, according to the price

paid for grapes during the harvest. The price increase

is not due to speculation or the fact that stocks are

already very low: it’s because the average price paid

for standard quality Malbec grapes from the eastern

region of Mendoza was approximately USD1,250/ton,

up from the USD750-800/ton expected earlier in the

growing season. Grapes out of the premium Uco Valley

region were fetching approximately USD1,600/ton or

more. The relatively small price disparity between the

two regions – normally it is around 50% - is because the

biggest shortages were seen in the Uco Valley, pushing

buyers into the eastern region and raising prices there.

ArgentinaTime on target

HARVEST WATCH: Volumes up 10% on 2016

but still down 20-25% on the new average;

quality looks very good.

High prices in Argentina are pushing some

international buyers to seek Malbec from alternative

countries. Some have seen their profit margins on

Argentine Malbec become squeezed then disappear

altogether: the price was around USD1-1.10/litre in

2015, then rose to USD1.40-1.50/litre in 2016 and – now

there is another shortage – prices are at USD2.0/litre.

There are few alternative pockets from which to source

Malbec at attractive prices: Chile’s market is also under

pressure, April’s frost in Europe will firm-up prices in

the Cahors region of France, while California has some

supply but not a lot. It is as yet unclear how Argentina’s

domestic bulk wine buyers will react to USD2.0/litre:

there is no movement on the market that is accepting

that price, and movement isn’t expected until June

onward.

Higher wine costs have been passed on to the consumer

in Argentina, less than ideal in a recession. The result

is significantly reduced domestic sales since the

turn of the year; domestic consumption of wine fell

9-10% in Argentina in 2016, and this year could see

a larger fall. Argentina’s economic woes persist, with

inflation totalling over 8% the first fourth months of

2017 ( January 1.6%; February 2.1%; March 2.2%; April

2.1%), marking an accelerated monthly rate compared

with those experienced in the second half of 2016; the

accumulated inflation rate for the 12 months to the end

of April was 27.3%. A peso devaluation is needed for the

export business and could happen after the country’s

legislative elections slated for 22 October.

There are two periods in which a clearer picture of the

Argentinian market will come: June onward, when deals

will start to be done on the domestic bulk market, then

further clarity from November onward, post legislative

elections and the frost season.



Argentina: Current Market Pricing (USD per liter; FCA Winery)


2016 Generic White 0.55 – 0.65 ↑ 2016 Generic Red 0.90 – 1.10 ↑

2016 Chardonnay 1.20 – 1.40 ↑ 2016 Cabernet Sauvignon 1.80 – 2.00 ↑

2016 Muscat 0.70 – 0.80 ↑ 2016 Syrah / Merlot 1.50 – 1.60 ↑

2016 Torrontes 0.60 – 0.80 ↑ 2016 Malbec Entry-Level 1.90 – 2.20 ↑

2016 Bonarda 1.50 – 1.60 ↑ 2016 Malbec Premium 2.50 – 3.50 ↑

Ciatti ContactEduardo Conill

T. +54 261 420 3434


Key TakeawaysExpect 2017 standard quality Malbec to be priced at

around USD2.0/litre, as steep grape prices will feed

through to high wine prices. There is very little 2016

stock left.

ChileTime on target

HARVEST WATCH: The 2017 harvest is

largely over, a month earlier than normal,

with volumes likely to be similar to last

year’s and quality looking good.

Due to unseasonal growing conditions, the 2017

harvest in Chile has been very quick, with most of the

country’s wineries having already completed their

harvests. In a normal year, the harvest continues until

the end of May or into early June. White wine volumes

are approximately 20% down on a normal year, while

to some surprise it looks as if red volumes will be

coming in smaller than the whites. The total volume is

likely to be similar to last year’s harvest, which resulted

in 1.01 billion litres of wine. Quality looks high since

there was no rain during harvesting.

2017 grapes have all been allocated and wine prices

are firm. Unlike in the earthquake-affected (2010) and

El Niño-affected (2016) years, Chile is coming from a

short previous crop, short inventory and lower stocks

in the cellars, as well as the global situation being

probably the most balanced it has been in 20-30

years. There is a high expectation among the growers

that they will be able to continue price increases and

that they will see an increase in demand, particularly

following news of the April frosts across Europe.

Suppliers are prioritising longstanding relationships

and many buyers are sticking with Chile due to long-

term relationships, the country’s distinctive wine

styles, and labels requiring Chilean wine.

Demand has slowed in recent weeks. The most

demanded wines at the moment are Sauvignon Blanc

and Malbec. Argentinian buyers started looking for

See next page for more on Chile.


Key Takeaways2017 grapes have all been allocated and wine prices are

super firm. A second successive below-average harvest,

volume-wise, is putting added pressure on the market.

Ciatti ContactMarco Adam

T. +56 2 2363 9206 – or – T. +56 2 2363 9207


Chilean Export Figures

Wine Export Figures

January - March 2016 January - March 2017 Volume

Million Liters

Million US$ FOB

Average Price

Million Liters

Million US$ FOB

Average Price Variance %

Bottled 101,09 311,83 3,08 111,13 342,71 3,08 9,93

Bulk 107,18 67,63 0,63 120,51 96,21 0,80 12,43

Sparkling Wines 0,79 3,18 4,05 1,04 4,22 4,05 32,82

Packed Wines 5,92 10,39 1,75 6,19 10,57 1,71 4,44

Total 214,98 393,02 2,38 238,86 453,72 2,41 11,11

varietal wines, whereas before they were seeking only

entry-level generic reds. The big wineries selling

case goods on the domestic market are selling wines

in their programmes at below cost; they will have to

decide whether or not to increase their retail prices.

If sales of bottled wine start declining there will be

a knock-on effect on the domestic demand for bulk

going into case goods.

The big case good wineries are waiting to see how

Brexit will affect their UK sales. For exports in general,

currency exchange remains favourable, with the

average exchange rate for April at 655.74 pesos to USD1

and – up to and including 5 May – at 668.81 so far this

month.

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Following Ciatti Global Market Report’s China market

focus (see November 2016 issue) and Chengdu Food &

Drink Show report (see April 2017), this month’s China

focus attempts to shed more light on Chinese business

culture and looks closer at what wines are in demand

in a country which – according to latest Vinexpo-

IWSR research – is set by 2020 to become the world’s

second largest wine consumer by value.

IWSR research forecasts that consumption of imported

wine in China will rise by 40% between 2016 and 2020

to be worth nearly USD22 billion, second in value only

to the total wine consumption market in the US, which,

during the same period, is forecasted to grow by 12% to

USD39 billion. China is expected to import around 94.5

million 9-litre cases of wine in 2020, a 41.7% increase

on 52.7 million 9-litre cases in 2016. Vinexpo Director

Guillaume Deglise listed the reasons for this as follows:

an increase in the size of the imported wine-drinking

middle class; a rise in the influence of consumers

from ‘Tier 2‘ cities who can, for example, buy their

wine online; an increase in online sales; the offering of

attractively-priced medium-range wines; and awareness

of health benefits (with wine sometimes seen as a

preferable drink to traditionally-consumed, strong

distilled spirits such as baijiu). Overall it seems the

imported wine market in China is growing less reliant

on the gifting sector and demand from government

officials: the growth is coming from a genuine demand

from ‘normal’ consumers who perceive wine to be an

integral part of a successful Western lifestyle.

Market Focus: ChinaThe Wines in demand

French wine benefits from its equation with prestige

and remains the most in-demand product in China

when it comes to bottled wine, particularly product

from Bordeaux. Australia (second) and Chile (third) are

the next countries in line, benefitting as they do from

possessing FTAs with China and the ability to offer

bulk and bottled at attractive price-quality ratios. From

Australia the Chinese seek Shiraz, Cabernet and Merlot

both in bottled and bulk formats (though bottled goods

account for 94% of Australian wine exported to China),

and from Chile China sources reds in both formats too,

including as bulk wine for use in colouring or blending

Chinese domestic wines. Spain’s generic and entry-level

wines are also proving to be popular with the Chinese as

they are often priced at competitive rates much of the

rest of the world cannot match, and available in good

volumes. There is also growing interest in wines from

South Africa. Meanwhile, at the Chengdu Food & Drink

show, as well as for wine Ciatti fielded enquiries from

Chinese potential customers seeking concentrate and

puree.

Business on the Chinese side has become more

knowledgeable and professional. It is no longer a case

of ‘the older the better’ on reds: Chinese buyers now

understand that if they do not commit to current or

future stock, they may miss out altogether. In Ciatti’s

experience, broadly speaking, at tastings Chinese

buyers prefer soft, fleshy and easily approachable wines,

See next page for more on China.


though it is good practice to offer the widest range

possible: Chinese and Western palates can differ, so it

is difficult anticipating which wines Chinese buyers will

prefer. In addition, Chinese consumers of imported

wine (numbering 48 million who drink imported wine

at least twice a year, according to Wine Intelligence)

are growing increasingly educated and willing to try

new wine styles. This can only be a good thing for

future demand for red wines from outside the France-

Australia-Chile triumvirate, and for white and sparkling

wines.

Prices & volumes

The Chinese culture of bargaining means that deals

are very price-driven and continuous and lengthy

negotiations are common. It is still the case that

most Chinese wine buyers have price as a focus and

seek entry-level products (that can, sometimes, be

packaged-up to look ‘premium’ on the shop shelf in

China). The global market is such that good quality

material at competitive prices is still available: Ciatti

does not foresee Chinese demand for entry-level wines

changing any time soon. There is Chinese demand for

premium material (for French wines such as Bordeaux

in particular) but in smaller quantities.

In 2016 China became the leading export market

by value for both Australian and Chilean wines. The

incredible growth in Australian volumes to China

(+45% in 2016) is obviously unsustainable at the same

rate in the longer term, and these volumes will level-

off at some stage; Chile’s export growth to China will

speed-up once it achieves a larger harvest than those

seen in the past couple of years. Spain and South Africa

are on the up. French premium wines are seeing a

market share decline, most likely because Chinese wine

drinkers are increasingly looking for lower prices while

maintaining quality. The medium to large scale Chinese

buyers are shipping in bulk and packaging their wine in

China, while smaller players are bottling in the country

of origin.

Who is buying?

Often those in China buying wine from outside the

country are agents or middlemen who import the wine,

store it, and then sell it on to domestic clients who

are thus spared the hassle of dealing with the foreign

suppliers themselves. When receiving interest from

such agents, do your research to find out if they have

shipped wine to China before, and, if so, how much.

Do they have the facilities to receive the wine? Ensure

terms are upfront for first-time deals. Many such agents

have traded in other commodities but not actually in

wine beforehand. Be sure to do your research before

signing contracts or offering terms.

When dealing with new customers from China – as

from anywhere – ask around to see if other wineries

have dealt with them. Most are unafraid to tell you

if they’ve had a bad experience! If terms are being

offered, carry out a credit check or obtain credit

insurance. Many Chinese buyers are now okay with

terms of payment upfront. Larger scale wineries that

are well-known in the marketplace are more trusted.

From the broker’s point of view, it is hard to maintain

relationships in Chinese business because Chinese

buyers will often seek to cut the broker out if they

perceive that it would save them money. But if you

are seeking to start doing business with China, always

do so with the assistance of experts, as the Australian

government advises on its website: “The Chinese

concept of guanxi refers to the quality of your agent

or representative’s contacts. Business introductions are

vital – companies will not deal with unknown contacts.

Your agent or representative should have sufficient

guanxi with the right people and companies.”

Customs regulations

According to Wine Intelligence’s China Landscapes

2016 report, 59% of imported wine drinkers in China

say the fear of buying a fake bottle of a quality brand’s

wine has discouraged them from buying a bottle. This

figure is probably an underestimate, according to Wine

Intelligence, because many Chinese consumers feel

speaking out is to “mianzi” (lose face): “Many of the

fakes in China today are well-designed, and look eerily

similar enough to the original to fool an inexperienced

buyer”.

The prevalence of counterfeits has led the Chinese

government to enforce stringent labelling regulations

on imported wines. As a result, since 2015 Chinese

customs have destroyed or turned back significant

volumes (151 tonnes’ worth in the first six months of

2016, according to Decanter China), almost half of this

volume due to labelling that did not meet the required

See next page for more on China.


information levels. Labels must now carry a long list of

details: everything from production country, bottling

date, name and contact details of distributor, through

to the health pointer – “Warning: Drinking wine is

harmful for your health”. Again, proceed with exporting

to China only via experts to help avoid falling foul of

bureaucracy and strict regulations.

Etiquette and WeChat

Chinese business etiquette can differ markedly from

that in the West. As the Australian government says,

Chinese business people prefer to establish a personal

connection and a strong relationship before closing

a deal. Expect plenty of meetings and /or dinners,

and out-of-hours activities such as karaoke or ganbei

(roughly translated as ‘empty your glass’). This is in

contrast with Western business norms in which getting

down to business is the priority, with the socialising

following after.

Business card etiquette in China can be a little finicky

(the card should preferably be at least partly translated

Ciatti ContactsChina / Asia-Pacific

Simone George

T. +61 8 8361 9600


into Mandarin, and presented “in both hands between

your thumb and index finger at the top of the card”).

However, possessing WeChat – China’s answer to

WhatsApp – on your smartphone is probably now even

more important. This app goes beyond WhatsApp in

that it incorporates – among other things – applications

specifically tailored for business activity (and a helpful

automatic translation service), including the ability

to make payments. Ciatti has seen from speaking at

ProWein with wine suppliers, and from its experience at

the Chengdu show, that WeChat is now invaluable when

doing business with Chinese clients.

As when dealing with buyers from any country

across the globe, enter into partnerships with your

eyes open and the results can be very fruitful. Ciatti is

always on hand to help: just give us a call.

FranceTime on target

HARVEST WATCH: Bud-break was two

weeks early due to a warm spring, then

frost struck Europe at April’s end, affecting

all of France’s growing regions.

Vine development in France was two weeks ahead

of normal due to a warm and sunny start to spring.

This early bud-break was then damaged by the frost

episode that struck Europe at the end of April. The

frost reached most if not all of France’s growing

regions. A more precise picture of the losses caused

will come after mid-May, once the risk of further

frosts has passed. What is certain is that less wine will

be produced in 2017 than in 2016.

Frost is an annual issue in France but this year’s was

different in its scope, encompassing as it did most of

the country. Areas visited by the frost to varying extents

include Alsace, Bordeaux, the Chablis area of Burgundy,

the Malbec area of Cahors, Champagne, Charente,

the Loire Valley (mainly Anjou), and the Rhône Valley

(mainly the Ventoux area). Languedoc was affected:

initial estimates of losses there are roughly 5-10%.

Temperatures in the Languedoc and across southern

France have remained low at the beginning of May. The

climate, in short, is putting a big question mark over

Europe’s 2017 crop situation.

How has the French market reacted? The French market

so far in 2017 has, as in Spain, been characterised by

slowness, with lower sales volumes than in 2016. Ciatti is

unconvinced that there has been any increased market

activity in reaction to the frosts. Negociants were

hanging back while the prices in France continued to

See next page for more on France.


soften, but price declines have been paused by the frost

and the market is in a holding pattern until the situation

with the 2017 crop is clearer. It can be assumed prices

will no longer fall; it is not known if they will rise.

The slow start to the 2016/17 selling campaign in France

had made French wine prices more competitive with

Spain’s (when freight costs are taken into account) and,

for the first time, due to the situation in Chile, better

than Chile’s in some cases. France has been growing

competitive again on the international market, with

the ability to offer, for example, good quality Bordeaux

Merlot or Cabernet at EUR0.75/litre versus up to

USD1.0 (EUR0.91 approx.) for the equivalent product

from Chile. Languedoc Merlot (EUR0.80/litre) and

Cabernet (EUR0.85/litre) is also attractively priced

compared to Chile’s. France is also on the same price

level as Chile for Sauvignon Blanc and Chardonnay,

and able to offer good volumes of entry-level reds of

good quality at between EUR0.45-50/litre.

The frosts have paused any further improvement

in France’s competitiveness, but France is still more

competitive than before on varietal international reds

and whites, can offer some excellent opportunities on

its 2016 wines, and prices will potentially be higher after

the frost damage assessment than before it. There are

plenty of opportunities on France’s Sauvignon Blanc,

Merlot and Cabernet, with good volumes, good pricing,

and good quality: the price-quality ratio, combined

with the French origin cache, should be very attractive

to buyers right now.

There remains good opportunities on dry whites

out of South West and Charente. They are priced

at only 10 eurocents more expensive than their

Spanish equivalents. There also remains very good

opportunities on Vin De France wine across southern

France, from Bordeaux, Gers, the Toulouse area,

Languedoc and the Rhône Valley. Super-premium

Provencal rosé is sold out, while medium and entry-

level qualities remain available.

The market for wine imports into France – from

Spain and South Africa, for example – is quieter so

far this year than in recent years. There is now more

space for French retailers to achieve a better margin

on domestic wines thanks to the trend for decreasing

prices. French consumers are growing increasingly

keen on the provenance of their food and drink being

domestic/local rather than imported, and retailers are

responding.

Key TakeawaysThe downward trend in French pricing has been halted by the frost episodes. Prices are

unlikely to fall further, but they could rise. France can offer international varietal bulk

wines – such as Merlot, Cabernet and Sauvignon Blanc out of Bordeaux and Languedoc

– in good volumes at a very attractive price-quality ratio. Some of these wines are priced

cheaper than in Chile. There remain very good opportunities on dry white out of Charente

and South West, and Vin De France wines from across southern France.

Ciatti ContactFlorian Ceschi

T. +33 4 67 913532


France: Current Market Pricing (EUR per liter; Ex-Winery)


2016 Generic White 0.45 – 0.60 ↓ 2016 Varietal Rosé IGP 0.80 – 0.95 ↔

2016 Chardonnay IGP 0.90 – 1.00 ↔ 2016 Generic Red 0.45 – 0.55 ↔

2016 Chardonnay VDF 0.85 – 0.95 ↔ 2016 Cabernet Sauvignon IGP 0.85 – 1.00 ↔

2016 Sauvignon Blanc IGP 0.85 – 1.00 ↔ 2016 Cabernet Sauvignon VDF 0.70 – 0.80 ↔

2016 Sauvignon Blanc VDF 0.80 – 0.95 ↔ 2016 Merlot IGP 0.80 – 1.00 ↔

2016 Generic Rosé IGP 0.75 – 0.85 ↔ 2016 Merlot VDF 0.70 – 0.80 ↔

2016 Generic Rosé VDF 0.70 – 0.80 ↔ 2016 Syrah / Grenache 0.80 – 1.00 ↔


The northern provinces of Spain such as La Rioja,

Ribera del Duero and Galicia – which can supply

some Merlot and Cabernet in bulk – have received

some of the frost that struck Western Europe in late

April, but the key bulk wine producing region of La

Mancha in central Spain has not really been affected.

La Mancha’s neighbouring region Valencia has not

suffered frosts either but has experienced some really

low temperatures which in itself can harm bud-spread.

In Spain the frost has, as across Europe, caused some

anxiety. Once the frost risk subsides in mid-May the

picture will be clearer as to the extent of its impact and

how it will affect the market. It is likely the frost will

cause a movement of wine from the south of Spain,

from La Mancha and Valencia, to the north, putting

more pressure on the Spanish market and reducing

the volumes available to international buyers. This

expectation, combined with Chile’s problems, is putting

pressure on the Spanish market: pricing on the reds has

moved from stable to increasing, on the whites from

declining to stable, and – also due to a low 2016 vintage

inventory in the first place – rosé prices are rising as

well. Buyers of good quality Spanish rosé should move

now.

International buyers of bulk Merlot and Cabernet out

of Chile are prospecting the Spanish market, some

with significant needs. Spanish inventory of these

wines is getting very low and it is difficult finding stock

in sufficient volumes. Again, buyers should move

now. North American buyers in particular are busy

requesting offers and sampling the remaining 2016

Merlot and Cabernet, as well as generic red. But there

are also buyers with variously-sized needs coming in

from across Europe and Asia who see Spain as the best

alternative to Chile.

The supply of generic red is good but not in oversupply,

with some low inventory on specific wines. The

entry–level red price is at approximately EUR0.35/

litre, cheaper than Chile’s. Some Spanish suppliers are

already increasing the price. For buyers of generic red,

the call to action is: move now to get good pricing.

Varietal whites, meanwhile, are sold out. Prices on the

Spanish generic white market have stopped declining:

entry-level whites can be found at approximately

EUR0.35/litre and there is good inventory. French

generic white wine prices had been on the decline,

moving towards Spanish pricing levels – but that was

before the frost struck France. Italy has also been

affected by the frost. It is too early to say if there will

be substantial movements of generic white from Spain

into France and Italy. The market has stabilised, there is

the potential for it to rise, but it’s too early to say.

International demand for Spanish rosé is stable but

Spain produced less in vintage 2016 than before, upping

red production instead. As a result, the market is under

pressure, prices are rising and good qualities are hard

to find. Mid-level rosé is probably at EUR0.38-40/litre,

and there’s not a lot of inventory.

HARVEST WATCH: The 2017 growing

campaign in northern Spain was visited by

late April’s Europe-wide frost episode, with

the impact unclear. At the time of writing,

La Mancha and Valencia have been spared,

though temperatures have been very low.

SpainTime on target

See next page for more on Spain.


Key TakeawaysBuyers should look at what they need from Spain and make their

moves now to capture the best availability and pricing. It is now or

never for international buyers who want to secure the remaining

litres of current vintage varietal reds from Spain. Pricing on the

more plentiful generic reds is going up. Pricing on the generic whites

has stabilised and, given the frost situation across Europe, there is

always the risk they may start to rise too. Good quality Spanish rosé

inventories are low and prices are rising.

Ciatti Contact

Nicolas Pacouil

T. +33 4 67 913531


Spain: Current Market Pricing (EUR per liter; Ex-Winery)


2016 Generic White 0.31 - 0.45 ↑ 2016 Generic Red 0.33 - 0.50 ↑

2016 White Blends (Higher Quality) 0.40 - 0.55 ↑ 2016 Generic Red (Higher Quality) 0.40 - 0.60 ↑

2016 Sauvignon Blanc 0.55 - 0.80 ↑ 2016 Cabernet Sauvignon 0.50 - 0.70 ↑

2016 Chardonnay 0.60 - 0.80 ↑ 2016 Merlot 0.55 - 0.80 ↑

2016 Generic Rosé 0.33 - 0.45 ↑ 2016 Syrah 0.45 - 0.70 ↑

2016 Varietal Rosé 0.45 0.60 ↑ 2016 Syrah 0.45 - 0.70 ↑

2016 Moscatel 0.45 - 0.60 ↔

1101 Fifth Avenue #170

San Rafael, CA 94901

Phone (415) 458-5150

Ciatti.com

http://www.ciatti.com/


ItalyTime on target

Northern and central Italy was visited by the Europe-

wide frost at the end of April. There was some damage

to the Veneto region’s Prosecco area, both DOC and

DOCG, in the Lugana area, and the plain between

Vicenza and Verona producing sparkling base wines;

in the Piemonte region, frost affected the Canelli area

producing Moscato; in Lombardy, the Franciacorta

area was affected; in the Emilia region, the area of

Modena producing Rossissimo and Lambrusco; in

central Italy, in some areas of Lazio, Tuscany, Abruzzo

and Marche producing white varietals and Sangiovese.

Southern Italy, meanwhile, has thus far escaped frost.

Until mid-April the market in Italy was akin to those

in France and Spain: calm. All the main bottlers, both

those foreign and domestic, were sourcing their wine

month-by-month because they saw no risk of a supply

shortage on the Italian market, especially for the

generic reds. The generic whites and the white sparkling

base were already a bit short on the supply side.

Since the frost hit, with temperatures falling below zero

in many areas, the market has become more active:

many companies, concerned regarding the possibility

of price increases, have proceeded to cover their needs

at least until the end of 2017 or until the end of their

selling contracts. It will not be until the end of May, at

least, that a precise picture emerges of the extent of the

losses caused by the frost.

The frost has naturally put more pressure on the Pinot

Grigio and Prosecco markets. On IGT Pinot Grigio,

Ciatti is seeing some pre-frost prices becoming no

longer valid. This pressure on IGT Pinot Grigio is

being exacerbated by the introduction, from the 2017

vintage, of the new DOC Delle Venezie: no contracts

have been closed yet on the 2017 DOC Della Venezie

Pinot Grigio, so its pricing remains uncertain. This

uncertainty combined with the frost has bolstered sales

of remaining 2016 IGT Pinot Grigio in recent days,

as buyers seek to buy themselves some time until the

picture becomes clearer.

The vintage 2016 Prosecco price, meanwhile, has

risen slightly, from EUR2.50-2.80/bottle to EUR2.50-

3.00/bottle. There is limited availability on Cabernet

Sauvignon.

HARVEST WATCH: Northern and central

regions were struck by the Europe-wide

frost at the end of April. Loss percentages

on the 2017 crop will be clearer by end of

May/June.

Frost has come to northern and central Italy, visiting

various regions to various extents. The market has thus

become more active, particularly on 2016 vintage Pinot

Grigio. Contact Ciatti for your Pinot Grigio needs, as

prices could trend upward.

Key Takeaways

Ciatti ContactFlorian Ceschi

T. +33 4 67 913532




Italy: Current Market Pricing (EUR per liter; Ex-Winery)



2016 Chardonnay 0.60 – 0.85 ↔ 2016 Cabernet Sauvignon 0.60 – 0.80 ↔

2016 IGT Pinot Grigio 0.95 – 1.10 ↔ 2016 Merlot 0.55 – 0.75 ↔

2016 DOC Prosecco 2.50 – 3.00* ↔ 2016 Primitivo / Zinfandel 1.20 – 1.50 ↔

2016 Chianti 1.60 – 2.00* ↔

*Bottled Price

South AfricaTime on target

HARVEST WATCH: 2017 volumes expected

at 1.4 million tonnes or slightly above, with

very dry conditions perfect for producing

healthy fruit.

South Africa’s 2017 harvest is finished and volumes

are currently expected to be at 1.4 million tonnes

or slightly above, in line with the past four years.

Most red wines are at the malolactic fermentation

stage which should be complete by mid-May; whites

meanwhile are being sampled and some are ready to

be shipped. Quality is very good across the board. It is

now difficult to find 2016 wines, though there may still

be pockets of availability with pricing on request. The

industry appears to be switching to the 2017 vintage

quickly, which suggests much of the old vintage stock

has shipped, is shipping, or is at least slated to ship.

See below for latest Rand pricing on the 2017 vintage

wines. Every category has increased in Rand price

since last vintage. This increase is down to two factors.

First, the South African industry is seeking to boost its

sustainability. Secondly, the balanced global supply-

demand situation has helped create a speculative

market situation in South Africa: there is a feeling

that South Africa is receiving more attention both

from international buyers and from its own domestic

exporters, and that later in 2017 buyers are going to

enter the South African market in search of wine that

represents good value for money. The markets are

hot for good quality varietal bulk Sauvignon Blanc,

Chardonnay, Cabernet and Merlot. The markets for

generic reds and whites are also firm: generic red

has been in short supply since the end of 2016, while

carryover stock of generic white has steadily declined.

A lot of contracting has taken place in South Africa in

the past 2-3 weeks. There is a feeling in South Africa

that the wineries are committed to contracts for their

new wines earlier than in previous years. The word

Ciatti is hearing from wineries is that a lot of early

purchases have been made for 2017 wines, both generic

and varietal. It remains to be seen how many of these

early ‘purchases’ of wines are actual contracts and how

many are simply reservations.

It is too early to describe the market situation on 2017

wines in South Africa with any degree of certainty. The

South African market is in balance, and international

buyers should compare the pricing/availability in South

Africa with that around the world and make up their

minds as to whether South Africa is attractive or not.

It is certainly the case that, in Ciatti’s experience, the

See next page for more on South Africa.


greater value for money than Australia on some

varietals.

Ciatti has not seen as large a swing in business

from Chile to South Africa as might have been

expected. The sense is that Chilean suppliers are

managing to insulate their large and longstanding

clients from much of the price rises now occurring

on the Chilean market.

focus across the world is moving from generic reds

and whites to varietals. Varietals are going to be a big

focus this year. In light of that, and judging by the world

market, Ciatti recommends that buyers seeking varietals

should make their move sooner rather than later:

international varieties in Chile and Argentina are at low

stock levels, Spain’s varietal output is a small proportion

of its total offering, and France is more expensive than

South Africa. South Africa has the potential to offer

Key TakeawaysThe South African market is in balance and buyers should assess now

if South Africa has what they require, because it is hard to forecast, at

the moment, volume levels and prices moving forward. Vintage 2017

wine prices are up on 2016’s across the board, to varying extents.

There seems to be a global trend in which buyers are switching focus

from generic wines to varietals. Good quality varietal bulk Sauvignon

Blanc, Chardonnay, Cabernet and Merlot are hot markets in South

Africa; buyers are recommended not to wait if they wish to contract

their wines in the volumes, and at the prices, they desire.

Ciatti ContactsVic Gentis

T. +27 21 880 2515


Petré Morkel

T. +27 82 33 88 123


South Africa: Current Market Pricing (SA Rand per liter, FOB Cape Town)



2017 Chardonnay 7.20 – 8.50 ↑ 2017 Cabernet Sauvignon 8.00 – 9.50 ↑

2017 Sauvignon Blanc 8.00 – 10.50 ↑ 2017 Ruby Cabernet 6.50 – 7.00 ↑

2017 Chenin Blanc 6.00 – 6.70 ↑ 2017 Merlot 8.20 – 9.30 ↑

2017 Muscat 6.50 – 6.80 ↑ 2017 Pinotage 7.00 – 8.30 ↑

2017 Generic Rosé 5.20 – 5.65 ↑ 2017 Shiraz 7.50 – 8.80 ↑

2017 Cultivar Rosé 6.50 – 6.90 ↑ 2017 Cinsaut Rose 6.50 – 6.90 ↑

Ciatti.com1101 Fifth Avenue #170 • San Rafael, CA 94901 • Phone (415) 458-5150

The Ciatti Company is committed to providing you with all your wine and drink making needs. Whether you’re after five gallon pails or bulk tanker quantities, we can

find the right product for your requirements.

The following are products we source from around the world:BULK WINE • EVALUATION SERVICES • GRAPES • CONCENTRATES & ALCOHOL

http://www.ciatti.com/


Cool weather conditions have continued for much

of Australia as wineries continue with the delayed

vintage. Many of the premium areas that still had fruit

on the vine received unwelcome additional rainfall

in recent weeks. Wineries are now in the process of

allocating their stock to bulk and branded products.

Some are already saying that large forward contracts

on their 2017 red wines have left them with little

available inventory. The harvest tonnage looks to be

slightly up from 2016; this is welcomed as the current

stock levels in Australia are tight and Chinese demand

continues to increase, as shown by a 43% rise in the

value of exports to China in the 12 months ending

March 2017.

According to Wine Australia, in the 12 months ending

March the total value of Australian wine exports grew

by 10% to AUD2.3 billion, while volume increased 5%

to 769 million litres. The average value of exports grew

by 4% to AUD2.98/litre, the fourth successive year of

growth. Export value growth was driven by bottled

exports, most notably at the higher price points. Bottled

exports grew by 12% to AUD1.86 billion and the average

price per litre grew by 3% to AUD5.47. Wine exports

priced at AUD10 per litre or more saw the strongest

growth, up 22%. This reflects the increasing demand for

premium Australian wines in most regions around the

world. There was double digit growth in all premium

price segments. Bulk Wine exports also increased, with

value up 2% to AUD408 million and volume up 3% to

420 million litres.

The top five export destinations accounted for two-

thirds of the value: Mainland China (up a substantial

43% to AUD568 million), the US (up 6% to AUD470

million), the UK (down 8% to AUD342 million), Canada

(up 3% to AUD193 million) and Hong Kong (down 8%

to AUD119 million). Emerging markets growing off a

small base include Thailand (up 19% to AUD20 million),

the United Arab Emirates (up 27% to AUD20 million),

Taiwan (up 1% to AUD17 million), Finland (up 4% to

AUD16 million) and South Korea (up 2% to AUD13

million).

AustraliaTime on target

HARVEST WATCH: The 2017 harvest

is virtually complete; some additional

rainfall in some premium areas has caused

some issues, due to the lateness of the

harvest.


Key TakeawaysWineries are allocating their stock to bulk and

branded products and some large forward

contracts on 2017 red wines have apparently

left some wineries with little available inventory.

Bulk exports increased in the 12 months to

March 2017 by 2% in value and 3% in volume,

powered by increased Chinese demand.

Ciatti ContactsMatt Tydeman

T. +61 8 8361 9600


Simone George

T. +61 8 8361 9600



Australia: Current Market Pricing (AUD/litre unless otherwise stated)


NV Dry White 0.60 – 0.75 ↔ NV Dry Red 0.80 – 0.95 ↑

2016 Chardonnay 0.80 – 0.95 ↔ 2016 Cabernet Sauvignon 1.10 – 1.40 ↑

2016 Sauvignon Blanc 0.90 – 1.05 ↔ 2016 Merlot 1.00 – 1.25 ↑

2016 NZ Marlborough SB NZD3.30 – 3.80 ↑ 2016 Shiraz 1.10 – 1.40 ↑

2016 Pinot Gris 1.30 – 1.50 ↔ 2016 Muscat 0.75 – 0.90 ↔

Price estimates for 2017 material; final grapes are being crushed

2017 Chardonnay 0.85 – 0.95 2017 Cabernet Sauvignon 1.15 – 1.40

2017 Sauvignon Blanc 0.95 – 1.15 2017 Merlot 1.00 – 1.25

2017 NZ Marlborough SB NZD3.80 – 4.50 2017 Shiraz 1.15 – 1.40

2017 Pinot Gris 1.30 – 1.50 2017 Muscat 0.75 – 0.90

New ZealandTime on target

The harvest in New Zealand has been extremely

challenging this year with unseasonal rainfall affecting

crops. There has been significant disease pressure with

excessive rain during harvesting. We have already

seen the lower-priced material from 2017 jump in

price significantly; the price of remaining 2016 stock

has also jumped up significantly due to the poor

harvesting conditions.

Crop levels will be down from the bigger 2016 harvest

but expected to be close to the long-term average as

expected. There is a strong likelihood of two distinct

quality levels again this year: the fruit picked prior to

rain and the fruit picked during rain events.

New Zealand wine exports reached a new record of

NZD1.63 billion in the year to the end of March 2017.

Wine is now New Zealand’s fifth-largest export good

HARVEST WATCH: Unseasonal rainfall has

made for a challenging 2017 harvest and

two distinct wine quality levels are likely

again this yearby value. The latest data from Statistics New Zealand

shows wine exports to the US have surpassed NZD500

million for the first time, up 11% in the last year and

now representing over 30% of the total value of exports.

Growth in US exports represents 70% of total export

value growth for New Zealand wine in the past 12

months. By value, wine exports to the US are now worth

30% more than the next most valuable market, the UK.

Key TakeawaysA challenging harvest has upped prices on remaining

2016 stock and on the lower-priced material from the

current harvest. Due to rainfall, there will likely be

two distinct wine quality levels as per the 2016 crop.

Exports to the US are booming.

Ciatti ContactsMatt Tydeman

T. +61 8 8361 9600


Simone George

T. +61 8 8361 9600



http://www.johnfearless.com


Export Pricing: USD per liter Currency Conversion Rates as of May 12, 2017

Argentina (Pricing in bulk; FCA)



2016 Chardonnay 1.20 - 1.40 ↑ 2016 Cabernet Sauvignon 1.80 - 2.00 ↑

2016 Torrontes 0.60 - 0.80 ↑ 2016 Syrah / Merlot 1.50 - 1.60 ↑

2016 Muscat 0.70 - 0.80 ↑ 2016 Malbec Entry-Level 1.90 - 2.20 ↑

2016 Bonarda 1.50 - 1.60 ↑ 2016 Malbec Premium 2.50 - 3.50 ↑

Australia & New Zealand AUD Rate: 0.736816 / NZD Rate: 0.693687


NV Dry White 0.44 - 0.55 ↔ NV Dry Red 0.59 - 0.70 ↔

2016 Chardonnay 0.59 - 0.70 ↔ 2016 Cabernet Sauvignon 0.81 - 1.03 ↑

2016 Sauvignon Blanc 0.66 - 0.77 ↔ 2016 Merlot 0.74 - 0.92 ↑

2016 NZ Marlborough SB 2.29 - 2.64 ↑ 2016 Shiraz 0.81 - 1.03 ↑

2016 Pinot Gris 0.96 - 1.11 ↔ 2016 Muscat 0.55 - 0.66 ↔

California (Pricing in bulk; FCA)


2016 Generic White 0.79 - 0.99 ↔ 2016 Generic Red 0.80 - 1.05 ↔

2016 Chardonnay 1.45 - 1.88 ↑ 2015/2016 Cabernet Sauvignon 1.59 - 2.11 ↔

2016 Pinot Grigio 1.45 - 1.98 ↔ 2016 Merlot 1.32 - 1.58 ↔

2016 Muscat 1.19 - 1.32 ↔ 2016 Pinot Noir 1.85 - 2.25 ↑

2016 White Zinfandel 0.85 - 0.99 ↔ 2016 Syrah 1.32 - 1.58 ↔

2016 Colombard 0.86 - 1.12 ↔ 2015/2016 Zinfandel 1.72 - 2.11 ↔

Chile (Pricing in bulk; FOB Chilean Port)


NV Generic White 0.60 - 0.65 ↔ NV Generic Red 0.60 - 0.70 ↑

2017 Chardonnay 0.85 - 0.90 ↑ 2017 Cabernet Sauvignon (Basic) 0.80 - 0.85 ↑

2017 Chardonnay (Varietal Plus) 0.95 - 1.10 ↑ 2017 Cabernet Sauvignon 0.90 - 0.95 ↑

2017 Sauvignon Blanc 0.80 - 0.90 ↑ 2017 Carmenere 0.75 - 0.85 ↑

2017 Sauvignon Blanc (Varietal Plus) 0.95 - 1.10 ↑ 2017 Carmenere

(Varietal Plus) 0.90 - 0.95 ↑

2017 Syrah 0.75 - 0.85 ↑ 2017 Merlot 0.85 - 0.90 ↑

2017 Syrah (Varietal Plus) 0.90 - 0.95 ↑ 2017 Merlot (Varietal Plus) 0.95 - 1.05 ↑

2017 Malbec 0.80 - 0.90 ↑ 2017 Malbec (Varietal Plus) 0.95 - 1.05 ↑


France (Pricing in bulk; Ex-Winery) Rate: 1.086090


2016 Generic White 0.49 - 0.65 ↓ 2016 Generic Red 0.49 - 0.60 ↔

2016 Chardonnay IGP 0.98 - 1.09 ↔ 2016 Cabernet Sauvignon IGP 0.92 - 1.09 ↔

2016 Chardonnay VDF 0.92 - 1.03 ↔ 2016 Cabernet Sauvignon VDF 0.76 - 0.87 ↔

2016 Sauvignon Blanc IGP 0.92 - 1.09 ↔ 2016 Merlot IGP 0.87 - 1.09 ↔

2016 Sauvignon Blanc VDF 0.92 - 1.09 ↔ 2016 Merlot VDF 0.76 - 0.87 ↔

2016 Generic Rosé IGP 0.76 - 0.87 ↔ 2016 Red Syrah / Grenache IGP 0.87 - 1.09 ↔

2016 Generic Rosé VDF 0.76 - 0.87 ↔

2016 Varietal Rosé IGP 0.87 - 1.03 ↔

South Africa (Pricing in bulk; FOB Cape Town) Rate: 0.074157



2017 Chardonnay 0.53 - 0.63 ↑ 2017 Cabernet Sauvignon 0.59 - 0.70 ↑

2017 Sauvignon Blanc 0.59 - 0.78 ↑ 2017 Ruby Cabernet 0.48 - 0.52 ↑

2017 Chenin Blanc 0.44 - 0.50 ↑ 2017 Merlot 0.61 - 0.69 ↑

2017 Muscat 0.48 - 0.50 ↑ 2017 Pinotage 0.52 - 0.62 ↑

2017 Generic Rosé 0.39 - 0.42 ↑ 2017 Shiraz 0.56 - 0.65 ↑

2017 Cultivar Rosé 0.46 - 0.50 ↑ 2017 Cinsaut 0.48 - 0.51 ↑

Spain (Pricing in bulk; Ex-Winery) Rate: 1.086090



2016 White Blends (Higher Quality) 0.43 - 0.60 ↑ 2016 Generic Red (Higher Quality) 0.43 - 0.65 ↑

2016 Sauvignon Blanc 0.60 - 0.87 ↑ 2016 Cabernet Sauvignon 0.54 - 0.76 ↑

2016 Chardonnay 0.65 - 0.87 ↑ 2016 Merlot 0.60 - 0.87 ↑

2016 Generic Rosé 0.36 - 0.49 ↑ 2016 Syrah 0.49 - 0.76 ↑

2016 Varietal Rosé 0.49 - 0.65 ↑

2016 Moscatel 0.49 - 0.65 ↔

Italy (Pricing in bulk; Ex-Winery) Rate: 1.086090


2015 Generic White 0.37 - 0.49 ↑ 2015 Generic Red 0.36 - 0.43 ↔

2015 Chardonnay 0.65 - 0.92 ↔ 2015 Cabernet Sauvignon 0.65 - 0.87 ↔

2015 Pinot Grigio 1.03 - 1.19 ↔ 2015 Merlot 0.60 - 0.81 ↔

2015 Prosecco 2.72 - 3.26 ↔ 2015 Primitivo / Zinfandel 1.30 - 1.63 ↔

2015 Chianti 1.74 - 2.17 ↔

Germany (Pricing in bulk; Ex-Winery) Rate: 1.065390


2014/2015 White Wine 0.64 - 0.74 ↔ 2014/2015 Red Wine 0.69 - 0.85 ↔

2014/2015 Pinot Grigio 1.01 - 1.28 ↔ 2014/2015 Dornfelder 1.01 - 1.12 ↔

2014/2015 Riesling 1.01 - 1.28 ↔ 2014/2015 Pinot Noir 0.91 - 1.07 ↔


ArgentinaEduardo Conill

T. +54 261 420 3434


Australia / New ZealandMatt Tydeman

Simone George

T. +61 8 8361 9600



California – Import / ExportCEO – Greg Livengood

Steve Dorfman

T. +415 458-5150



California – DomesticT. +415 458-5150

John Ciatti – [email protected]

Glenn Proctor – [email protected]

John White – [email protected]

Chris Welch – [email protected]

ConcentrateJohn Ciatti

T. +415 458-5150


Canada & US clients outside of CaliforniaDennis Schrapp

T. 905/354-7878


ChileMarco Adam

T. +56 2 2363 9206 or

T. +56 2 2363 9207


China / Asia PacificSimone George

T. +61 8 8361 9600


France / ItalyFlorian Ceschi

T. +33 4 67 913532


GermanyChristian Jungbluth

T. +49 6531 9734 555


SpainNicolas Pacouil

T. +33 4 67 913531


UK / Scandinavia / HollandCatherine Mendoza

T. +33 4 67 913533


South AfricaVic Gentis

T. +27 21 880 2515

E: [email protected]

-or-

Petré Morkel

T. +27 82 33 88 123


John Fearless CO. Craft Hops & ProvisionsCEO - Rob Bolch

Sales - Geoff Eiter

T. + 1 800 288 5056



www.johnfearless.com

Contact Us

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[email protected]

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