USDA’s latest set of grain export inspection data, out Monday morning and covering the week through March 14, held mixed but mostly bearish data for traders to digest. Soybean and wheat volume both trended moderately lower week-over-week and fell to the lower end of analyst estimates. Meanwhile, corn volume saw small weekly improvements and made it to the very high end of trade guesses.

Corn export inspections moved slightly higher week-over-week to 48.8 million bushels. That was also on the very high end of analyst estimates, which ranged between 35.4 million and 49.2 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately higher than last year’s pace so far, with 909.1 million bushels.

Mexico was by far the No. 1 destination for U.S. corn export inspections last week, with 21.6 million bushels. Taiwan, South Korea, Japan and Colombia were the top five destinations.

Sorghum export inspections jumped noticeably above the prior week’s pace after reaching 7.6 million bushels. That grain is largely bound for China, with Somalia picking up the modest remainder. Cumulative totals for the 2023/24 marketing year remain substantially above last year’s pace, with 150.5 million bushels.

Soybean export inspections eased modestly below the prior week’s tally after reaching 25.2 million bushels. That was also toward the lower end of trade estimates, which ranged between 11.0 million and 42.3 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately below last year’s pace, with 1.314 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 20.3 million bushels. Mexico, Indonesia, Japan and Vietnam filled out the top five.

Wheat export inspections spilled moderately lower week-over-week, landing at 11.1 million bushels. That was also on the very low end of analyst estimates, which ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately below last year’s pace, with 504.9 million bushels.

Mexico was the top destination for U.S. wheat export inspections last week, with 4.4 million bushels. South Korea, Algeria, Japan 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 March 14.