Apparently, for pretty much the first year on record, reputable English merchants are telling the Bordeaux negociants what price they will buy en primeurs at this year. What this means is that the normal structure, where a chtx sets its price and its resale price, is so laughably high that the english merchants are saying no, but we will buy at 'x'...
This is against the 'rules' of the Place, so I've only heard rumours that a few bigger negociants are doing it, and agreeing to reduce. Smaller merchants will be nervous of losing their allocations next year I imagine.
And more rumours today that the Swiss, and big French supermarket Carrefour, have stopped buying.
Maybe the second tranches will come out cheaper, which would be another first??
Ah well, never a dull moment. As my friend at Despagne Family Vineyards said yesterday, this is a good year to explore the high quality less prestigious Bordeaux, that offer some excellent drinking wines at what now looks like fantastic value.
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