World wine production slips amid rough weather; Italy on top

Floods, drought, frost and hail cut into world wine production this year across Europe and South America, but the quality of the 2016 vintage shouldn't unduly suffer.

Italy remained the world's top producer for the second straight year, with a volume of 48.8 million hectoliters, according to figures released Thursday by the International Organization of Vine and Wine. Next come France and Spain.

Overall global production fell 5 percent from 2015 levels to 259 million hectoliters, one of the weakest levels of the past 20 years.

U.S. wine-making grew 2 percent to 22.5 million hectoliters, while Argentina, Chile and South Africa saw big drops.

The wine division of EU farm federation Copa & Cogeca said that the quality of European harvests "was good across the board."