USDA’s latest grain export inspection report, out Monday morning and covering the week through May 8, failed to surprise traders after the data was released. Corn volume again led the way but spilled moderately lower week-over-week. Soybean and wheat volume landed near the middle of analyst estimates, meantime.
Corn export inspections faded moderately below the prior week’s tally after reaching 48.2 million bushels. That was toward the lower end of analyst estimates, which ranged between 39.4 million and 68.9 million bushels. Cumulative totals for the 2024/25 marketing year remain noticeably above last year’s pace, with 1.722 billion bushels.
Japan was the No. 1 destination for U.S. corn export inspections last week, with 14.6 million bushels. Mexico, South Korea, Gautemala and Israel rounded out the top five.
Sorghum export inspections inched slightly higher week-over-week after pulling in 440,000 bushels. That grain is largely bound for Mexico, with Vietnam and Japan accounting for the tiny remainder. Cumulative totals for the 2024/25 marketing year are still only around a third of last year’s pace after reaching 65.6 million bushels.
Soybean export inspections moved moderately above the prior week’s pace after reaching 15.7 million bushels. That was also slightly toward the higher end of analyst estimates, which ranged between 9.2 million and 20.2 million bushels. Cumulative totals for the 2024/25 marketing year are still trending moderately above last year’s pace after reaching 1.613 billion bushels.
Egypt was the No. 1 destination for U.S. soybean export inspections last week, with 4.7 million bushels. Indonesia, Mexico, Gautemala and Pakistan filled out the top five. It’s also worth noting that no export inspections were bound for China last week.
Wheat export inspections eased slightly lower week-over-week after reaching 14.9 million bushels. That was also near the middle of analyst estimates, which ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the 2024/25 marketing year are still tracking moderately above last year’s pace after reaching 745.1 million bushels.
The Philippines topped all destinations for U.S. wheat export inspections last week, with 4.7 million bushels. Mexico, Kenya, Japan and Thailand rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report.