Grain export inspections in the week through March 28 held thoroughly mixed results for traders to digest after USDA released its latest weekly report Monday morning. Corn volume led the way once more, trending moderately higher week-over-week and tracking above the entire set of analyst estimates. Wheat volume found a similar performance. In contrast, soybean volume spilled moderately lower week-over-week and failed to match even the lowest trade guess.

Corn export inspections tracked moderately above the prior week’s volume after reaching 56.4 million bushels. That was also better than the entire set of trade guesses, which ranged between 31.5 million and 54.1 million bushels. Cumulative totals for the 2023/24 marketing year are trending moderately higher than last year’s pace so far, with 1.018 billion bushels.

Japan was the No. 1 destination for U.S. corn export inspections last week, with 16.1 million bushels. Mexico, Colombia, South Korea and Taiwan rounded out the top five.

Sorghum export inspections jumped noticeably above the prior week’s pace after reaching 8.3 million bushels. China accounted for more than 99% of that total, with South Korea picked up the modest remainder. Cumulative totals for the 2023/24 marketing year have roughly quadrupled last year’s pace so far, with 159.1 million bushels.

Soybean export inspections were disappointing after only reaching 15.2 million bushels last week. It was also below the entire set of analyst estimates, which ranged between 18.4 million and 33.1 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately below last year’s pace so far, with 1.359 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 7.9 million bushels. Mexico, Germany, South Korea and Indonesia filled out the top five.

Wheat export inspections exceeded expectations last week after climbing to 18.3 million bushels. That was also better than the entire set of analyst estimates, which ranged between 10.1 million and 15.6 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately behind last year’s pace so far, with 619.5 million bushels.

China was the No. 1 destination for U.S. wheat export inspections, with 7.4 million bushels. Thailand, Japan, the Philippines and Mexico rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through March 28.