Most buyers have now switched to pricing off July charts, so we have switched over to July.

As you can see for about the last week and half the market has been mostly in a consolidated nature. We have not posted new highs since they hit 7.47 on the July board a little over a week ago, this indicates that the trade is uncertain what to do at this point.

The funds and speculators are already long, do they add more or start to look to take profits and exit.

At this point there isn’t a clear direction, so the funds and speculators are sitting tight with prices chopping back and forth.

If prices should explode to the upside and make new highs it may create the next selling opportunity, while prices would fall sharply and nothing major has changed that might create the next buying opportunity.

But for now, we are sitting tight with prices chopping back and forth near the upper end of the range.