THE BORDEAUX MARKETPLACE
In Bordeaux itself, the wine industry has three tiers
Futures -- called en primeur in France -- reach the world through a series of phases.
It all begins with the châteaus, mainly the first-growth producers and a handful of other highly regarded estates, who effectively set the market price for a given year.
After courtiers, or brokers, take a small percentage, the right to sell the futures is passed on to the négociants, or shippers. With very few exceptions, no one...
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