Its easy to criticize from the bleachers, but really the SPC forecasters are some of the best in the world. When you forecast you are working without all the variables and some that are misleading. Was a moderate risk for tornadoes warranted? Several of the numerical models indicated storms going up in an extremely favorable environment for tornadoes. However, if you switch up a few of the ingredients, you wind up with nothing. It was a good guess given the data we had to work with.
I have to disagree with you here, Skip. Anyone who works with NOAA pretty much gets access to every possible model that any world wide organization is cranking out. Thus there are no missed variables to them. You are right that they are among the best forecasters in the world and that's why they work there, but that doesn't mean they won't be off from time to time.
I think SPC was about one update too late in removing the moderate risk. I could tell by the time I got up and started looking at things (so by about 10 AM) that there was not going to be a tornado outbreak. I've seen setups almost exactly like this go cap bustola many times in the past. Also, I've noticed it becomes tough to trust the HRRR, especially over the Midwest (i.e., Iowa) and especially later in the season (i.e., from late June through at least August). Last year I saw several times the HRRR progging supercells somewhere in or very near Iowa and that pretty much never happened. I don't know what it is about the HRRR and Iowa, but it's something to watch. Also, you could tell the HRRR couldn't be trusted yesterday when midday runs were not capturing the W-E line of showers across E NE/W IA and were still developing supercells over that exact area a few hours later. Other than that, I didn't see much high resolution model data that indicated tornadic supercells. I did see the Nebraska MCS in pretty much all of the runs, though, so they nailed that part of the forecast.
Rob, the link Skip provided is good. Generally 12-14 C at 700 mb at this time of year is getting into the realm of an unbreakable cap. I've sat under 95/79 in IA before under 12 C with an outflow boundary and had a cap bust. Likewise I've seen tornadic storms form under 14-15 C in western Kansas and eastern CO. However, the 700 mb temp cap guidelines generally don't apply west of about U.S. 281 (being very rough and approximate) due to the higher terrain.
One more thing about the composite parameter bullseyes: lots of times, storms will fire along the gradients. So don't go to the CAPE max axis, go to the gradient. This is usually the case because higher CAPE is allowed due to extensive sunshine during the hottest times of year because there is such a strong cap that no clouds can form. Thus you want to get along the edge of the cap because that's the place where there's still a lot of instability, but just enough lack of capping to get storms to fire.