Update: I bought the ammo, based on the responses. I'm going to leave this post up, with one modification (below), to help others who might have the same question.

Newbie questions here, so please be gentle.

I found only outdoor range (about an hour away in the San Francisco Bay Area of Northern California) that allows any type of rifle ammo to be shot. My new, soon to be picked up M&P 15 Sport ii can take 5.56mm ammo. I was asked (below) about the twist rate, which is 1:9"

What is a reasonable price right now for 5.56 FMJ ammo?

My new LGS has 1,000 rounds of I believe MagTech for $600. My other LGS hasn't had .223/5.56 in weeks.

Along the lines of asking you to pull out your crystal ball, do you think that .223/5.56 FMJ ammo prices will settle down?

Pardon another possibly really newbie question, but is there an optimal number of FMJ rounds I should have in possession?

I'm in California, so I have to have on-line purchases of ammo shipped to my FFL. Only the new LGS will accept and that's $25 per order.

Thanks!