Bordeaux ‘tests the waters’ ahead of en primeur

Bordeaux estates are ‘testing the waters’ with ex-cellar releases ahead of this year’s en primeur campaign.

The first release came a little earlier this month from Pontet-Canet which released a tranche of its 2006 vintage and late last week Montrose offered négociants some of its 100-point 2009, a parcel of ‘R’ de Rieussec has also been released albeit to less comment.

Both releases from the Pauillac and St Estèphe properties stimulated an increase in trading for the wines in question but not, it should be noted, for the prices asked for by the châteaux.

Pontet-Canet released its 2006 at €95 per bottle, or £850 a case and the 2009 Montrose was out at €240 p/b.

Although the wines did see quite a lot of trade by value on Liv-ex, they were for prices at a level substantially below those being asked for.

Most of the 2006 Pontet-Canet traded for under £600 a case, a discount of over 29%, while 2009 Montrose last traded on the Liv-ex marketplace for just €201 p/b or 16.3% less than it was originally offered.

Several merchants approached by the drinks business said they did not in turn offer either of the wines to any of their customers (although their re-release may have acted as a spur to got a hold of a few cases already in the marketplace for later on).

Most suggested it was a sign that the châteaux were “seeing where things are ‘at’” and gauging the négoce’s willingness to take on more wine in advance of this year’s en primeur.