With Friday's Cattle on Feed report showing placements and marketings to the low side of pre-report guesses and the short-term trend firmly up due to renewed noncommercial buying, the market could continue to rally this week.

Last week's strong rally turned the short-term trend up, which could bring additional noncommercial buying interest into the market this week.

Corn entered into its seasonal downtrend last week, though it's once again approaching the lower third of its historic price range since the 2006-2007 marketing year near $3.64, which should bring commercial buying back in to provide support.

With the short-term trend turning down last week, initial resistance could quickly be tested near $296.50, then all the way back to $284.50, despite the continued bullish underlying fundamentals indicated by the inverted futures spreads.

Despite last week's strong gains, the market remains in its sideways trading pattern. However, the large premium the August contract holds over the October could mean higher cash prices this week, which should provide support to the futures market.