The annual California Grape Crush Report and Grape Acreage Report show that the 2009 vintage was the second-largest wine grape crop in the state's history, at 3.696 million tons, second only to the 3.76 million tons crushed in 2005.
This news is welcomed by brands based on bulk-wine purchases and for consumers who enjoy value-priced wines. It is not so good for makers of high-end wines, most of whom have had great difficulty selling bottles priced at $50 and higher. Their inventories are backing up, deep discounts are being offered to wholesalers, retailers and restaurants, and many wines that have...