hello NC.......
$7 was probably a target for many, at least chart, paper traders, so profit taking is likely...........there has been some waver in the long range forecast as it relates to heat and precip..........however past experience has shown me that, if you take a snap shot at a forecast 14 days out, file it and pull it 14 days later its actually pretty accurate..........actually the 10 day is really good...........its all those changes in between that make it horrible........
so that said..........several models all last week up thru Friday had the next 14 days pegged as hot and dry..............before its all said and done I would bank on a hot and dry set up thru 7/29................after that things might break up.........probably also be some pop up showers along the way, but those are very scattered and vary in amounts of rainfall, they are not broad acre events.........
as for demand, yes its still alive, its been alive all this time, just playing cat and mouse...........which is dangerous, but working for those guys...........unless we physically run out of grain, anything above $7 will likely be a tough sell and anything above $8 will be really tough............so we likely slosh around in the $6's with periodic runs up on demand news or supply issues.........and periodic runs lower on lack of demand news and no supply issues..........
