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Study: Demand for wine is outstripping supply

Canandaigua, N.Y. Poor wine production in Europe is fueling speculation of an international wine shortage.

Morgan Stanley produced a study claiming supply has topped demand worldwide.

Ryan Baldick, cellar master at the New York Wine & Culinary Center in Canandaigua, says this might lead to small price increases.

It really allows (boutique wineries) to sell their wine for what its worth, what the market will bear, Baldick said.

Constellation Brands, however, says it receives conflicting reports about a shortage almost daily, but does acknowledge a possible tightening of supply.

Due to the undersupply, we are seeing growers as well as ourselves planting in response, the Victor company said in a statement. We are seeing a tightness but are confident that there is wine available from around the world to meet the demand as we have forecasted.

Adam Chodak, 13WHAM-TV
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