US: Wine prices face long road to recovery - Research: Beverage news & analysis

I think the last line is most telling: "outperformed" (ie: through volume sale of cases), "but profits down 10%" (ie: due to heavy discounting with sales coming at much lower price levels). This is the trend right now. With over supply at such high levels, there is a deflationary situation on prices as many are discounting just to try and stay in the market and keep goods moving. Not bad if you are a consumer; tough if you are a wine merchant.

US: Wine prices face long road to recovery - Research: Beverage news & analysis