Ready to taste the first wines of 2014? While vines are just flowering in Europe and North America, the Southern Hemisphere has picked, crushed and fermented this year's crop. Vintners in South America's leading wine nations—Chile and Argentina—did not face an easy growing season. In Chile, a severe spring frost created one of the smallest crops in years, but a good harvest season produced nice wines. There was frost on the other side of the Andes too, and a damp harvest further lowered yields.