In Italy, Prosecco prices are declining slightly, while Pinot Grigio and Grillo are trending upward – Primitivo is also gaining. Exports of bulk and bottled wine have been high recently, with US stockpiling playing a role.
In France, the price trend is downward; entry-level prices there are now competitive with Spain. Generic Vin de France and high-end specialty wines are particularly sought after in the market.
Spain is currently experiencing unusual (though not yet critical) amounts of rain. Even Catalonia is receiving decent spring rainfall, and the drought alert may soon be lifted. Theoretically, a large harvest could be on the horizon, which is why buyers are not stockpiling significantly and are instead waiting for a harvest forecast. This is likely to curb price increases. Currently, however, wines remain in demand and are sometimes scarce.
