According to the latest Rabobank report, Australia is currently sitting on stocks of more than 2 bn liters of wine, though there is slight optimism about the tariff dispute with China.
No crop size can yet be estimated for California. Due to the cool, wet spring, vineyards are two to four weeks behind in their development, and fungal pressure is high.
Meanwhile, South America is coming to the end of a winter that was far too mild, or almost hot, in places. The impact on viticulture is still uncertain, but the risk of late frost damage is high.