
USDA’s latest grain export inspection report, out Monday morning and covering the week through January 9, held mixed but mostly positive data for traders to digest. Corn volume led the way after moving noticeably higher week-over-week and handily beating the entire range of analyst estimates. Soybean volume was also relatively strong, while wheat spilled moderately lower week-over-week.
Corn export inspections climbed to 56.7 million bushels last week, which was a weekly gain of 64%. It was also better than the entire range of analyst estimates, which ranged between 19.7 million and 39.4 million bushels. Cumulative totals for the 2024/25 marketing year remain moderately ahead of last year’s pace after reaching 697.1 million bushels.
Japan was the No. 1 destination for U.S. corn export inspections last week, with 17.7 million bushels. Mexico, Spain, Colombia and Taiwan rounded out the top five.
Sorghum export inspections were dismal last week after only reaching 27,636 bushels. That grain is bound for Mexico and China. Cumulative totals for the 2024/25 marketing year are just over half of last year’s total, with 54.0 million bushels.
Soybean export inspections shifted slightly above the prior week’s volume after reaching 49.6 million bushels. That was a bit on the lower end of analyst estimates, which ranged between 39.5 million and 62.7 million bushels. Cumulative totals for the 2024/25 marketing year are still moderately above last year’s pace, with 1.151 billion bushels.
China was again the top destination for U.S. soybean export inspections, with 19.9 million bushels. Bangladesh, Italy, Turkey and Japan filled out the top five.
Wheat export inspections faced moderately week-over-week cuts after reaching 10.6 million bushels. That was also toward the lower end of analyst estimates, which ranged between 7.3 million and 16.5 million bushels. Cumulative totals for the 2024/25 marketing year are still trending moderately above last year’s pace, with 477.9 million bushels.
Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 4.5 million bushels. Japan, South Korea, Nigeria and Honduras rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report, which covers the week through January 2.
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