ARGENTINA
- The 2024 grape crop in Argentina has now wound up. Production was 25% higher than last year at 18 million/MT, but still below the average of 2.0-2.2 million/MT.
- The quality of supplies has been very good in terms of juice yields, say local producers.
- Offers for white concentrate from Argentina are between USD 1,850- 1,900/MT 68 brix FOB Buenos Aires in drums.
- Meanwhile, asking prices for new season red concentrate from Chile have appreciated to around USD 2,000-2,200/MT FOB Chile in drums, against USD 1,800-1,850/MT last month.
- Producers in Argentina say that demand has been good for white concentrate and that prices are competitive with Europe – European supplies are seen as limited until the new crop there in September.
SPAIN
- Meanwhile, volumes from the 2023 season in Spain have reportedly now been virtually exhausted. Prices are high – near EUR 2,000/MT 68 brix ex-factory in drums – and analysts recommend those buyers that have stocks to wait until new season contracts are available from the 2024 crop which will begin in September.
- The outlook on the 2024 crop in Spain is positive. There have been no frost damages in the Mancha area (i.e. the area that is crucial for the must supply to the grape juice industry) and if the Summer does not bring excessive heat/drought, then a normal harvest is expected.
