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Corn and wheat futures traded higher on corrective buying overnight, while soybeans faced followthrough selling.

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After the Bell | September 29, 2023 USDA’s Quarterly Stocks Report extended early session selling, while a potential government shutdown heightened risk-off sentiment.

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Soybean stocks and wheat production came in higher than expected. Sept. 1 corn stocks were lower than anticipated.

USDA pegged Sept. 1 corn stocks at 1.361 billion bu., 68 million bu. lower than pre-report expectations and 16 million bu. lower than year-ago. Soybean stocks were above pre-report estimates by 26 mb.

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Corn and soybeans pivoted around unchanged for most of the night while wheat saw light corrective buying.

Corn, soybean and wheat futures held in tight price ranges in a lightly traded overnight session ahead of USDA’s reports later this morning.