Hmmm... people are drinking less wine (lowest production but still a surplus over demand).
Global wine production sinks to lowest level since 1961
Worldwide wine production is set to drop 8.2 percent from last year’s amount, the lowest level for almost 60 years. Harsh weather in Europe was to blame for the dip, but production in the Southern Hemisphere was up.
...
There are fears that reduced global production, which is expected to fall to 246.7 mhl by the end of the year, could diminish a surplus over demand seen in recent years. This could in turn affect prices as actual market supply becomes increasingly dependent on stocks from previous years and the availability of quality wines from landmark regions.
http://www.dw.com/en/global-wine-production-sinks-to-lowest-level-since-1961/a-41093924
Global wine production sinks to lowest level since 1961
Worldwide wine production is set to drop 8.2 percent from last year’s amount, the lowest level for almost 60 years. Harsh weather in Europe was to blame for the dip, but production in the Southern Hemisphere was up.
...
There are fears that reduced global production, which is expected to fall to 246.7 mhl by the end of the year, could diminish a surplus over demand seen in recent years. This could in turn affect prices as actual market supply becomes increasingly dependent on stocks from previous years and the availability of quality wines from landmark regions.
http://www.dw.com/en/global-wine-production-sinks-to-lowest-level-since-1961/a-41093924