Developments in Argentina and Australia are being watched with interest. If the new president, Javier Milei, actually introduces the US dollar as the official national currency in Argentina, the high barrel wine prices are likely to fall significantly.
On the other hand, red wine prices, which have been under pressure worldwide, could normalize if China lifts the punitive tariffs on Australian wine imports - although this is unlikely to happen for at least another five months.
Meanwhile, prices in New Zealand are falling significantly due to high stock levels, although late frost damage of unclear extent was recorded in October.
