One factor that has become apparent since the outbreak of COVID-19 is a change in consumer spending.
Consumers aren't as willing to spend money at the present time compared to the past. Travel and tourism are down, and this is where a large amount of spending in restaurants has come from.
This isn't just in the United States, but globally. Until this demand returns, commodity demand will likely be limited, as will price potential.
Another limiting factor since the COVID-19 outbreak began is the global economy. This virus and the following closures of many businesses caused investors to pull their money out of the financial markets and place it in the currency markets, mainly the U.S. dollar. The U.S. dollar was already trading at all time highs, and this pushed the value even higher. In return, we saw a reduction to exports as our commodity offerings became overpriced in the global market.
From the consumer side, many employees around the world lost their jobs, which caused a dramatic change in spending...