The bullish speculators can try to drive up the price all they want but when storage capacity is as close to full as it is now, where is the product going to be stored? A glut is a real possibility. By late November, we could see a complete collapse similar to the collapse of 1998. I hope it does not get that bad because that much of a collapse will sharply curtail production.
If you really believe that, you do not understand what happened in 1998-99. The bottom fell out of the Asia economies dragging the demand way down. Today we are only seeing a slowing growth but still a good pace of growth.