New Zealand Grape Harvest May Worsen Wine Glut, Hurt Profit
New Zealand Grape Harvest May Worsen Wine Glut, Hurt Profit
Feb 10, 2011 6
Wine producers in New Zealand may harvest as much as 300,000 metric tons of grapes this year, 13 percent more than targeted, potentially harming profits, according to the country’s industry body.
A harvest of more than 265,000 tons “would be our expectation” and 300,000 metric tons is possible as plants mature and yield more fruit, New Zealand Winegrowers Chief Executive Officer Philip Gregan said in a telephone interview today. Rabobank International forecast last month that output this year will be “significantly larger” than 2010 and may reach 300,000 tons. Last year’s output was 266,000 tons.
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