Favourable growing conditions prevail for next year’s grape crop in Argentina following a poor crop earlier this year. Fruit production from the 2023 crop was down 35% on a usual season and juice production was down by 50%.
The freeze risk is now over and estimates on production for next year will be available in January, say local sources. The industry there is optimistic about the forthcoming season – wine stocks are weighty, which should mean that there will be better supplies available for the juice industry.
Offers from Argentina have eased to USD 1,900 plus for 68 brix white concentrate in drums FOB Buenos Aires. Producers say that today’s asking prices are likely to remain stable in the near term due to the recent elections last month. A more relaxed export market is expected once the new president takes over on 11 December. However, there are still concerns over the exchange rate. Demand for grape juice concentrate has reportedly picked up mainly due to the rising prices of many other juices on the global
market. Grape juice concentrate is used in many recipes as a natural filler or sweetener.
EUROPE
Over in Spain, the crop is estimated to be down by 25% (final crop figures are expected later this month). The market there has reportedly calmed down and the majority of volumes have now been allocated.
Asking prices for grape concentrate from Italy are between EUR 2,000- 2100/MT 65 brix white concentrate ex-factory Italy.
Unusually, this year France has come back on the market with supplies of grape must be due to an oversupply in Charentes (a Cognac production region).
