Such a forecast provides little supply/demand rationale for 2007/08 New York futures to trade much significantly higher or lower than 2006/07 (i.e., similar trading ranges for respective futures contracts).
Having said that, I could see Dec07 futures reaching 65 cents during the period of uncertainty around planting (for example, fueled by bullish buzz about low plantings before the actual planted acreage is known).
Then I can envision a sideways trend into the summer and eventually trend back down below 60 cents as the market perceives that 1) higher prices have bought more actual acres than originally intended, and b) even historically low plantings don't necessarily translate into stock-reducing, price supporting short supplies. (That's assuming we have better growing conditions than during 2006.)