Japanese and South Korean steel mills have agreed to pay Brazilian miner Vale do Rio Doce 65% more for iron ore this year. Japan's Nippon Steel and South Korea's Posco said they would pay Vale 78.90 US dollars a ton from April.
Soy beans has become the main commodity of Argentina's rich farmland displacing other traditional industries such as cattle breeding and dairy farming, according to studies and statistics from the country's main breeders organization the Rural Society.
United States Federal Reserve chief Ben Bernanke told Congress on Thursday that the US economic outlook had deteriorated but pointed out that the Fed will act in a timely manner.
A United States House of Representatives panel approved Thursday a ten month extension for a trade programme providing reduced tariffs for exports from the four Andean nations of Bolivia, Colombia, Ecuador and Peru.
The German Hamburg based publication Oil World has cut its estimate of the Brazilian 2007/08 soy crop to 59.3 million tons, down from the previous 59.8 million tons.
China's trade surplus soared 22.7% in January as the economy continued to boom despite efforts to cool the rate of growth, official figures have shown. The gap between what China exports and what it imports grew to 22.7 billion US dollars last month, 15.9 billion a year earlier.
Soaring international cereal prices and freight rates are projected to increase import bills for the world's poorest countries 35% for the second year running affecting the most vulnerable populations, points out FAO in its latest Crop Prospects and Food Situation report.
The US trade deficit narrowed in 2007 after five years of consecutive records, pushed by exports that helped offset the country's large growth in oil imports and trade gap with China. The deficit reached 711.6 billion US dollars in 2007, down from 758.5 billion in 2006, a 6.2% decline the Commerce Department said.
An initial estimate shows that Euro zone economic growth dipped last year to 2.7%, but still easily outpaced the US economy for the first time since 2001. The rate marked only a marginal slowdown from 2006 when the Euro zone economy grew by 2.8%. The US economy slowed to 2.2% in 2007.
Mining giant Rio Tinto expects commodity prices to remain historically high in 2008 and well beyond in spite of the US economic slowdown, said on Wednesday chief economist Vivek Tulpule.