This paper investigates the price overreaction during the initial continuous trading period of the Chinese corn futures market. Using a dynamic modeling algorithm, we identify the overreaction behavior of intraday high-frequency (1 min and 3 min) prices during the first session of daytime trading. The results indicate that the overreaction hypothesis is confirmed for the daytime prices of the Chinese corn futures market. We also find a noticeable reduction in overreaction following the introduction of night trading and this decline appears to diminish over time. Furthermore, this paper conducts an overreaction trading strategy to assess traders’ returns, revealing a slight decline in average return after the introduction of night trading. This study provides valuable insights and recommendations for exchanges and regulators in monitoring overreaction and formulating effective policies to address it.