USDA's latest grain export inspection report, out Tuesday morning and covering the week through October 10, held mixed but mostly lackluster data for traders to digest. Soybeans posted the largest volume by a significant amount, moving toward the higher end of analyst estimates. Wheat inspections were toward the lower end of trade guesses, meantime, while corn inspections failed to match even the lowest end of analyst estimates.
Corn export inspections shifted significantly lower week-over-week after only reaching 16.9 million bushels. That was also below the entire range of analyst estimates, which ranged between 23.6 million and 43.3 million bushels. Cumulative totals for the 2024/25 marketing year are still trending moderately above last year's pace, with 185.8 million bushels.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 8.0 million bushels. Saudi Arabia, Honduras, Costa Rica and Colombia rounded out the top five.
Sorghum export inspections jumped to 3.2 million bushels last week. That grain is bound for China, Chad and Mexico. Cumulative totals for the 2024/25 marketing year are slightly ahead of last year's pace so far, with 16.3 million bushels.
Soybean export inspections eased slightly lower week-over-week but were still strong, with 57.9 million bushels. That was also toward the higher end of analyst estimates, which ranged between 29.4 million and 68.9 million bushels. Cumulative sales are modestly lower than last year's pace after reaching 188.5 million bushels.
China was by far the No. 1 destination for U.S. soybean export inspections, with 39.4 million bushels. Egypt, Mexico, Italy and Germany filled out the top five.
Wheat export inspections tracked slightly above the prior week's tally after reaching 13.6 million bushels. However, volume remained on the lower end of analyst estimates, which ranged between 11.0 million and 20.2 million bushels. Cumulative totals for the 2024/25 marketing year remain moderately above last year's pace, with 330.1 million bushels.
Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.2 million bushels. Japan, Taiwan, Chile and Brazil rounded out the top five.
