Wine prices to drop due to excess in supply of grapes

Look out for better-quality wines at lower prices. Experts at a recent winemakers' conference say growers have produced large crops of quality grapes over the last two years.

Allied Grape Growers highlighted a problem many California grape farmers are facing: there is too much supply. In its latest newsletter, the organization says an estimated 100,000 tons of grapes were left hanging on vines without buyers last year.

Demand for wine is also dwindling. The newsletter says data published in the Gomberg Fredrikson Report found the number of California wine exports have consistently dropped since 2014.

Experts say distributors will be forced to offer discounts at every price-point.