The latest batch of USDA grain export inspection data, out Monday morning and covering the week through December 9, held a mixed but somewhat bearish set of data for traders to digest. Soybean volume saw a moderate week-over-week decline and fell below the entire range of trade estimates that were released prior to the report. Wheat volume saw fractional declines, while corn carved out modest improvements versus a week ago.

Corn export inspections were up around 5% week-over-week, reaching 31.9 million bushels. That was on the lower end of trade guesses, which ranged between 27.6 million and 47.2 million bushels. Cumulative totals for the 2021/22 marketing year are still running moderately behind last year’s pace, with 401.8 million bushels.

China (10.8 million) and Mexico (10.1 million) were the top two destinations for U.S. corn export inspections last week. Japan, Colombia and El Salvador rounded out the top five.

Sorghum export inspections faced a moderate week-over-week decline, moving to 4.7 million bushels. That grain is largely bound to China, with Mexico accounting for the small remainder. Cumulative totals for the 2021/22 marketing year remain moderately behind last year’s pace, with 48.6 million bushels.

Soybean export inspections were relatively disappointing, trending 26% below last year’s pace and falling to 63.3 million bushels. Trade estimates missed the mark entirely, ranging between 69.8 million and 84.5 million bushels. Cumulative totals for the 2021/22 marketing year continue to slide further below last year’s pace, with 935.0 million bushels.

China accounted for nearly half of all U.S. soybean export inspections last week, with 30.9 million bushels. Egypt, Italy, Mexico and Bangladesh filled out the top five.

Wheat export inspections slipped slightly lower week-over-week, with 9.0 million bushels. That was close to the middle of trade estimates, which ranged between 5.5 million and 14.7 million bushels. Cumulative totals for the 2021/22 marketing year are tracking 17% below last year’s pace so far, with 418.7 million bushels.

Japan was the No. 1 destination for U.S. wheat export inspections last week, with 2.3 million bushels. Nigeria, Taiwan, Venezuela and Mexico rounded out the top five.

Click here to read more from the latest USDA grain export inspection report.