Has been for over six months. Too many producers that can’t afford storage which is in very short supply. A lot of leverage in the industry and many thought rates were going back down. You could buy a barrell of new make for $200 in October. Alot of firms tried to fire sale bourbon in barrels at year end but clean balance sheets but there was very little buying. Many of the newer producers are dead especially the folks that were buying bourbon from the mass producers then aging and branding it. Pappy won’t fall to far though. Regardless of tariffs it is still swarmed in auctions and by the foreign crowd. The brands with pretty bottles but mediocre bourbon are “toasted”. The cocktail culture from Covid is also falling off. If you want to buy a barrel of bourbon to store at your farm or house it’s a very good time to buy one.