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American corn farmers misjudged the market last year, when they anticipated hot summer which would result in scarce harvest. Despite drought during May and June of 2023, crops eventually survived thanks to the later rainy weather which led to overflowing storages in South America and the US. Farmers are now regretting not selling the corn when the prices were up. With global competition increasing in addition to oversupply, corn prices are now plummeting, erasing all the gains they made in the last few years.

According to Eurostat, in December 2023, the Eurozone achieved a trade surplus of approximately €16.8 billion ($18.14 billion), marking a significant turnaround from the €8.5 billion ($9.18 billion) deficit recorded in the same period the previous year despite not meeting market expectations of a €21.5 billion ($23 billion) surplus. Nevertheless, this transformation stemmed from a concerted effort to rein in imports across all sectors, even though exports experienced a slight dip, particularly to crucial trading partners.

Cocoa prices are reaching their record levels in London and New York due to crop destruction in Ghana and Ivory Coast, the world's top cocoa producers. Unprecedented weather conditions, including heavy rains and plant diseases, have severely impacted harvests, leading to a supply shortage. Prices have more than doubled during 2023, risking decreased demand amid concerns over inflation. The current meteoric rise in prices is expected to continue, with production declining significantly over the past year.

The flash estimate from Eurostat suggests that the Euro area's annual inflation rate decreased slightly from 2.9% in December 2023 to 2.8% in January 2024. This indicates a mild moderation in the overall inflationary pressure within the Euro area. Germany, traditionally a key economic driver, faced challenges due to an industrial slowdown exacerbated by geopolitical factors.

While recession threatens EU, UK and other world economies, in the final quarter of 2023, the US economy exhibited remarkable strength. This performance not only defied earlier fears of a looming recession but also positioned the United States as the fastest-growing advanced economy globally. Despite concerns stemming from the Federal Reserve's aggressive interest rate hikes aimed at curbing inflation, the economy displayed resilience, suggesting a potential "soft landing" scenario where inflation is reined in without triggering an economic downturn.