Prices are at all times highs now because supply chains have been disrupted. Production plants were shut down, employees being told or required not to leave their homes, then paid govt entitlement money to stay home means many of the raw material processors (lumber, steel, energy, minerals, etc.) are in the process of trying to bring production back online. Without the required amount of labor coming back to work, significant material shortages will continue to exist. Add high demand for all these goods and you have a real cluster f......
Shutdown domestic oil & gas production, then insult Saudi Arabia, you have the price of oil now at $107/bbl when back on Dec 1, 2021 it was $66/bbl. All on the producers such as steel mils, paper & board mills, and mineral processors use a lot of energy in their process'.
Have the Fed and the Whitehouse deny that inflation is real, and delay dealing has put inflation at 8.5% which is at a 40 year high. Whitehouse spending is considered one of the biggest threats to driving inflation higher and potentially into a recession.
Was at an economic forum put on by our bank last week. Short take away ... inflation will continue to rise, their is real concern about a recession, prime interest rates will continue to rise over next 12 months which will drive mortgage rates even higher, commodity prices should stabilize and start to come down in next 12-18 months. The caveat is that if the Gov't continues to pump more money into the economy and continues to deny inflation is her and real, we could see a real economic catastrophe.
Given that Russia in the top producer of Urea and Pakistan, & Iran #4 & 5 (note that Russia in #3 potash producer), good chances prices will continue to rise if you can get it.