The new year is off to a rocky start. The fast-spreading Omicron variant of  SARS-Cov-2 has brought another wave of economic uncertainty; energy, fertilizer and freight costs continue to be high; and geopolitical tensions have contributed to even more volatility in markets. In this context, and in view of persistently strong demand, global food prices remain elevated at levels not seen since 2011. Among the AMIS crops, global wheat availabilities are especially tight, while production prospects for soybeans deteriorated due to adverse weather in South America. With macroeconomic pressures likely to persist and demand expected to remain strong, good yield outcomes will be particularly important this year to temper prices and help calm global food markets.