Grain Futures Swing as Oil Prices Surge After Pipeline Closure

Corn futures struggled to hold onto early gains as wheat futures declined on Wednesday. The grain and soy complex was impacted by the surge in oil and fuel prices following Saudi Arabia's closure of its East-West pipeline due to drone strikes.

The US Department of Agriculture reported that 1.525 million metric tons (MMT) of corn were inspected for export in the week ended September 10, down from 1.675 MMT the previous week and within the expected range of 1.25-1.775 MMT.

Managed money trimmed back 5,891 contracts from their net long position in corn futures and options, leaving a record net long of 425,171 contracts as of September 8.