Why California's wine industry is being crushed [Los Angeles Times (CA)]
Constellation Brands, Inc. (STZ)
Last constellation brands, inc. earnings: 4/3 07:30 am
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Source: Los Angeles Times
Grape growers are leaving fruit to rot as harvest costs exceed market prices, while younger consumers abandon wine for beer and spirits. Canadian boycotts of American wine triggered by tariffs eliminated $360 million in exports, though some nimble small producers thrive by targeting younger wine drinkers. Winery owner Stuart Spencer estimates that he left about 50 tons of grapes to rot on vines in Lodi, Calif., last fall, as harvesting and processing them would cost more than they were worth. “We're doing our best to keep our head above water,” said Spencer, the owner of St. Amant Winery and executive director of the Lodi Winegrape Commission. Spencer blames a mix of factors: weak demand, a worsening grape oversupply crisis and an influx of cheap bulk imports flooding the market and collapsing California bulk wine prices. Tariffs have increased the costs of labels, capsules and corks and triggered a backlash from the biggest international consumer of Californian wines, Canada
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