USDA’s latest round of grain export inspection data, out Monday morning and covering the week through March 6, held mixed but mostly bullish data for traders to digest. Corn led the way, moving above the entire range of analyst estimates. Soybeans also moved moderately higher week-over-week, while wheat volume spilled moderately lower.
Corn export inspections outpaced analyst expectations after climbing to 71.6 million bushels. That was better than the entire range of trade guesses, which came in between 39.4 million and 55.1 million bushels. Cumulative totals for the 2024/25 marketing year remain moderately ahead of last year’s pace after reaching 1.145 billion bushels.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 14.5 million bushels. Japan, South Korea, Spain and Colombia rounded out the top five.
Sorghum export inspections more than tripled the prior week’s volume after reaching 2.1 million bushels. That grain is bound for Spain, Mexico, China and Japan. Cumulative totals for the 2024/25 marketing year are still less than half of last year’s pace so far after reaching 60.6 million bushels.
Soybean export inspections moved moderately higher week-over-week after reaching 31.0 million bushels. That was also on the very high end of analyst estimates, which ranged between 14.7 million and 33.1 million bushels. Cumulative totals for the 2024/25 marketing year are still trending moderately ahead of last year’s pace after reaching 1.412 billion bushels.
China was the No. 1 destination for U.S. soybean export inspections last week, with 10.2 million bushels. Indonesia, Germany, Egypt and Mexico filled out the top five.
Wheat export inspections were lackluster last week after only reaching 7.9 million bushels. That was also below the entire set of trade guesses, which ranged between 9.2 million and 16.5 million bushels. Cumulative totals for the 2024/25 marketing year are still tracking moderately above last year’s pace, with 582.3 million bushels.
Mexico was the No. 1 destination for U.S. wheat export inspections, with 5.1 million bushels. Taiwan, the Philippines, El Salvador and Nicaragua rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report.