EU Wine Harvest Below 5-Year Average

The European association of farmers and cooperatives expects a total wine harvest volume of a bit over 150 million hectoliters of wine. That's 5.5% below the average of the last five years.

Italy's production is down 11.9%, Spain's, 14.4%. But France has seen an increase in production of 1.47% while Portugal's output jumped 8.06%. Eastern Europe is struggling with winegrape production down 23% in Greece, off 31% in Croatia and 20% lower in Slovakia .