A molded packing material and a method of making the molded packing material. The molded packing material includes a plurality of molded fiber cushioning elements. The molded packing may also include a matrix comprising cellulosic fibers bonding the plurality of molded fiber cushioning elements to each other. The plurality of molded fiber cushioning elements and matrix form a mass that has been molded into a shape having exterior surfaces and an interior with some of the plurality of molded fiber cushioning elements being on the exterior surfaces of the mass and the remainder of the plurality of molded fiber cushioning elements being in the interior of the mass. The molded packing material may also include a fiber shell having a cavity formed therein with the plurality of molded fiber cushioning elements located in the cavity.