Wine prices expected to drop due to excess supply of grapes

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A restaurant diner who ordered a nice bottle of red wine to go with their dinner got something a bit fancier than they were expecting -- a bottle worth $5,800.

A restaurant diner who ordered a nice bottle of red wine to go with their dinner got something a bit fancier than they were expecting — a bottle worth $5,800.

Wine lovers are raising their glasses for higher-quality wines at lower prices than normal.

Over the last two years, grape growers have produced an excess supply of quality grapes, according to experts at a winemakers’ conference.

Allied Grape Growers, a marketing association, released a newsletter saying that many grape farmers in California are dealing with an overabundant supply.

AGG says that around 100,000 tons of grapes were left on vines, hanging without anyone to buy them.

The number of wine exports from California has also been dropping consistently since 2014, according to the newsletter.

Distributors have no choice but to offer lower prices for wine, experts say.

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