Weekly grain export inspections for the week ending Aug. 31 rolled right along, matching average trade guesses for corn and soybeans, but falling sharply short for wheat. A longer view shows 2016/17 corn and soybeans staying just ahead of the five-year average, and wheat dipping below the five-year average.

USDA corn export inspections hit 31.4 million bushels, down slightly from last week but within the trade estimates, which ranged from 25.6 million to 33.5 million bushels. Last week’s export inspections totaled 31.7 million bushels. The top three destinations for the week ending Aug. 31 were Mexico (10.7 million bushels), Japan (9.3 million bushels) and Colombia (3.11 million bushels). 

Corn inspections exceed USDA’s forecast for the 2016 marketing year (which ended August 31). Census exports are running ahead of inspections, which could cause USDA to raise sales estimates next week.

With 23.7 million bushels, USDA soybean export inspections stayed in range of trade estimates of 21.1 million to 25.7 million bushels. Last week’s export inspections totaled 26.3 million bushels. Top destinations for the week ending Aug. 31 include China (14.1 million bushels), Japan (3.5 million bushels) and Mexico (2.4 million bushels). 

Weekly soybean inspections for 2016/17 are down from last year but still above the five-year average. Total soybean inspections haven’t matched USDA’s forecast for the 2016 crop. However, census totals are ahead of inspections, which could mean USDA’s current forecast is too low.

USDA wheat export inspections only hit 9.3 million bushels, down big from last year and well short of trade estimates that ranged from 18.4 million to 22 million bushels.  Last week’s export inspections totaled 24.6 million bushels. Top destinations are scattered across Asia, including exports to Japan (2.39 million bushels), Thailand (1.95 million bushels), Taiwan (1.56 million bushels) and South Korea (1.23 million bushels).