Corn and Soybeans Support & Resistance Levels 3/11/26

Monday's high price was about 476.0 in May Corn. Today's high of 462.0 provides some measure of resistance. 471.00 would be next, then 476.0. Above these prices we have 480.0, 488.0, and 496.5 which is the May contract high printed last February. These stated levels are marked with the horizontal red lines on the daily chart here. Because corn broke out higher from the channel, momentum should still be on the buyers side, but we will have to wait and see.

Next, we examine the continuation daily chart of soybeans. This chart rolls before first notice day. Now it is the May contract. Monday's high was 1233.75 as the buyers piled on. This high mark was an overshoot of the resistance at about 1225.0. As in corn, the bean momentum is still higher even though we don't know for sure if the buyers will be able to eclipse Monday's high level.

On the chart are some numbers and horizontal levels marked. The 175 is the length of the first leg/wave higher, and 1.25 times 175 equals the 1260 price target. So far this 3rd leg has rallied about 196 cents. 3rd legs are usually longer than the 1st leg. Therefore, this feature has already been satisfied, so we don't know for certain that higher prices are in the cards. The 1260 level is also very close to the 1258.25 resistance price to the left. Resistance prices are 1234, 1260.0-1264.0, and 1300.0, which is an old gap to the left. You will also see that 1264.0 is also a 38% retracement higher from the entire big down move that began in 2022. One final thought for both corn and beans is that the seasonal tendencies are higher for March. Seasonal prices are the average of the last 30 or even 50 years of price action. Please study the chart levels and notes.

The Morrill Act:

The Morrill Act of 1862 was signed into law by President Lincoln on 2 July 1862. It granted each state 30,000 acres blocks of federal land for each of its electoral votes. States were to sell this land to raise money to fund colleges that would focus on teaching agriculture and mechanical developments. These colleges became known as “Land Grant” colleges. These schools were also required to teach military tactics, which were designated as the Reserve Officer Training Corps (ROTC) in 1916.

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