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Corn, soybean and wheat futures were relatively quiet during the overnight session as traders await USDA’s October crop reports later this morning.

Basis firmed for both corn and soybeans over the past week.

Soymeal prices continue their sharp price decline.

Uncertainties included difficulties estimating the state of financial markets, potential oil price shocks and the impact of labor union strikes on the economy, among other factors.

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Corn, soybeans and wheat each favored the downside overnight, with wheat going into the break on session lows. Price action in grains is likely to be largely driven by positioning ahead of Thursday’s USDA reports.