USDA’s latest grain export inspection report, out Monday morning and covering the week through July 17, held mixed but mostly disappointing data for traders to digest. Corn volume was particularly disappointing after sliding moderately lower week-over-week and eroding below the entire range of analyst estimates. Soybean volume was also tepid. In contrast, wheat inspections outperformed trade guesses and moved noticeably higher week-over-week.
Corn export inspections were lackluster after only reaching 38.7 million bushels last week. That was also below the entire set of analyst estimates, which ranged between 43.3 million and 62.0 million bushels. Cumulative totals for the 2024-25 marketing year remain noticeably above last year’s pace, however, reaching 2.316 billion bushels.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 14.7 million bushels. South Korea, Colombia, Japan and Taiwan rounded out the top five.
There were no sorghum export inspections last week as this commodity continues to struggle in the current marketing year. Cumulative totals for 2024-25 are still less than half of last year’s pace after remaining at just above 77 million bushels.
Soybean export inspections more than doubled the prior week’s volume after reaching 13.4 million bushels. That was also on the high end of analyst estimates, which ranged between 7.3 million and 14.7 million bushels. Cumulative totals for the 2024-25 marketing year remain moderately above last year’s pace after reaching 1.719 billion bushels.
Germany was the No. 1 destination for U.S. soybean export inspections last week, with 4.3 million bushels. Mexico, Egypt, Indonesia and Japan filled out the top five.
Wheat export inspections outperformed analyst expectations after climbing to 26.9 million bushels last week. That exceeded the entire set of trade guesses, which came in between 11.0 million and 18.4 million bushels. Cumulative totals for the 2025-26 marketing year are moderately ahead of last year’s pace so far after reaching 111.0 million bushels.
Nigeria was the No. 1 destination for U.S. wheat export inspections last week, with 6.1 million bushels. Mexico, Indonesia, Taiwan and Chile rounded out the top five.
Click here to see additional highlights from the latest USDA grain export inspection report.