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Historic drought in Australia rattles global farm goods market

Wool, wheat and sugar prices spike as exports dwindle

Wool prices are on the upswing due to the extended drought in Australia, which supplies 40% of the global market.   © Reuters

TOKYO -- The unrelenting drought ravaging Australia is disrupting international markets for agricultural products, as reduced exports of wool, wheat and sugar from the continent have pushed up prices in recent months.

Amid the worst drought in over half a century, the Australian Bureau of Agricultural and Resource Economics and Sciences expects the value of the country's farm products exports to fall 8% on the year for fiscal 2019.

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