What is En Primeur in Bordeaux?

En Primeur refers to the practice of buying wine in Bordeaux before it has been bottled and released, as futures.

This means customers purchase the wine in advance, often up to a year before its actual release. The price at which the wine is sold is usually lower than its expected market value. The En primeur system provides wineries with financing for production, and allows customers to purchase Bordeaux wines early and potentially benefit from price appreciation.