As we continue our series on Northwest Farm Credit Services’ quarterly Market Snapshot, we look today and cherries and the wine industry. Bill Perry, Vice President at Northwest Farm Credit Services said he expects slight profits for both vineyards and wineries, but added it will be a mixed bag for both.
“Lower grape yields and bulk wine supplies should support improved grape markets, but fundamental oversupply issues remain. Some wineries in the retail and direct to consumer channels are having record sales; however, wineries reliant on tasting rooms, events or other in-person sales are left with limited options to generate revenue.”
When it comes to cherries, Perry said overall, growers can anticipate profitable margins.
“Reduced supply coupled with strong domestic demand helped sustain high pricing, which will translate into strong margins for growers. However, those with measurable losses in tonnage may not have had enough fruit to capture returns and will be reliant on crop insurance.”
Join us Wednesday as we turn our attention to Northwest row crops.
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