News

Many financial markets experienced volatility in recent weeks. The list of contributing causes is not short. It includes record COVID cases brought by the Omicron variant, high inflation, concerns about central bank actions to tame inflation, and geopolitical developments.

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All benchmark prices increased over the past month. The March NY/ICE futures fell as low as 104 cents/lb in early December.

The Omicron variant has driven COVID case counts to new records in the U.S. and elsewhere. While the new strain has proven extraordinarily contagious, it has also been less dangerous to human health.

The latest USDA report featured a small decrease in global production (-224,000 bales to 121.6 million) and a small increase to global mill-use (+170,000 bales to 124.3 million).