SVB On Dealing with Current Wine/Grape Oversupply

Dear Client: One issue that cropped up throughout Silicon Valley Bank's annual state of the industry report (and subsequent videocast) is the current wine/grape oversupply. "With what we know, we can say today that we are in a position of oversupply across the entire supply chain," writes Rob McMillan, evp and founder SVB's wine division. "That extends through retail and every growing region in California at every price point."What's led to the current oversupply? According to SVB, the current market conditions are