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Red Wine in France Extends Price Gains After Cut to 2013 Outlook

Nov. 29 (Bloomberg) -- French prices for bulk red wine advanced for a fourth week to the highest in at least three years after the outlook for the 2013 vintage deteriorated, data from crop office FranceAgriMer show.

The price of bulk red and rose wine without a geographic indication rose to 67.98 euros ($92.51) per 100 liters (26.4 gallons) last week from 67.24 euros in the prior period, according to data published online by the crop office. Prices have climbed 21 percent from 56.41 euros at the start of August and are up 8.5 percent from the same week a year ago.

France this month cut its wine production estimate for a fourth time in as many months as grape rot at harvest added to hail damage and losses from poor flowering. Prices for bulk reds have climbed above the February peak that followed the country’s smallest wine production in 40 years in 2012, rising to the highest since at least August 2010, FranceAgriMer data show.

The Agriculture Ministry forecasts wine production in the country to rise 2.2 percent this year to 42.3 million hectoliters (1.12 billion gallons), down from an initial July outlook for the volume of the 2013 vintage to jump 13 percent.

The cost of bulk whites without geographic indication slipped to 76.99 euros a hectoliter from 77.86 euros the previous week, still up 17 percent from the start of August and 12 percent from a year ago, according to FranceAgriMer data.

Prices of red and rose wine with a protected geographic indication and mention of the grape variety climbed to 76.93 euros a hectoliter from 75.31 euros at the start of the season, while costs for white wine with the same criteria slipped to 88.88 euros from 89.54 euros.

Trade in red and rose wine amounted to 159,988 hectoliters last week, while 79,351 hectoliters of white traded, according to FranceAgriMer.

To contact the reporter on this story: Rudy Ruitenberg in Paris at rruitenberg@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net

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