The US wine grape crush report for 2021 shows a bigger vintage with higher grape prices. Pricing has recovered to be above 2019 levels after a depressed period in 2020. We should receive information about the Australian 2022 vintage in the next month or so, with another big harvest likely and a downside skew to grape prices. We see lower grape prices in Australia as a net benefit to Treasury given Australia would be two-thirds of its production and COGS could fall.