Bordeaux futures is now in an uncomfortable situation.
Money that could have been earning interest in a bank account was instead paid in spring 1998 to a merchant for the privilege of securing a supply of the wine of one or more of the consumer's favorite estates. Now that the 1997 vintage is available at retail for current evaluation, that decision can be characterized as ill-advised. Even though the crop was smaller in contrast to the huge harvests of 1995 and 1996, suggesting to those who keep track of these things as elements in the decision whether to buy futures that supply would be tight, it turned out to be a lesser year than 1996. If both those essential facts had been known to the speculator before plunking down hard cash for the 1997s, it's more likely that the buyer would have sought out remaining stocks of the better 1996 vintage, many of which were then selling 30 to 40 percent below prices for the 1997s. Some were much too lean for tasters with a California palate.