USDA’s latest grain export inspections report, out Monday morning and covering through October 24, showed soybean shipments are continuing their robust pace after jumping ahead of all trade guesses made prior to today’s report. Corn export inspections were also up from the prior week, while wheat’s tally proved disappointing.

Corn export inspections made modest week-over-week improvements, reaching 18.5 million bushels. That was also toward the higher end of analyst estimates, which ranged between 8.9 million and 25.6 million bushels. Cumulative totals for the 2022/23 marketing year are still running moderately behind last year’s pace, with 148.3 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 9.5 million bushels. China, Japan, Trinidad and Jamaica rounded out the top five.

Sorghum export inspections showed signs of improvement after climbing to 1.1 million bushels last week. That grain is bound for Djibouti, Mexico and South Korea. Cumulative totals for the 2022/23 marketing year are trending well below last year’s pace so far, with 5.4 million bushels.

Soybean export inspections jumped to 106.1 million bushels last week. That tally also exceeded the entire range of trade guesses, which came in between 44.1 million and 97.4 million bushels. Cumulative totals for the 2022/23 marketing year are still moderately below last year’s pace so far, with 279.3 million bushels.

China was by far the No. 1 destination for U.S. soybean export inspections last week, with 79.9 million bushels. Mexico, Japan, Egypt and Pakistan filled out the top five.

Wheat export inspections were lackluster after only reaching 4.6 million bushels last week. That was on the very low end of trade estimates, which ranged between 3.7 million and 18.4 million bushels. Cumulative totals for the 2022/23 marketing year are barely below last year’s pace so far, with 348.8 million bushels.

Mexico topped all destinations for U.S. wheat export inspections last week, with 1.1 million bushels. Nigeria, Jamaica, Japan and Italy rounded out the top five.

Click here for more from the latest USDA grain export inspection report, covering the week through October 24.