California is facing an emerging wine shortage, according to Stephens Moody with Turrentine Brokerage in Novato, California. Turrentine, which handles bulk wines, grapes, and bottled wines, has developed a model of the typical wine cycle, which it calls the “Wine Business Wheel of Fortune.” Speaking at a grower caucus presented in November by the Washington Association of Wine Grape Growers, Moody explained that an emerging shortage is a period when wineries eliminate discounts and increase their margins, growers receive higher prices and longer contracts, and top growers get planting contracts. Retail prices for wines increase slightly, providing opportunities for imports. […]