USDA’s latest grain export inspection report, out Monday morning and covering the week through March 21, held mixed but mostly bearish data for traders to digest. Corn volume led the way once again but eased slightly lower from the prior week’s volume. Soybeans were fairly solid after trending slightly higher week-over-week and staying toward the higher end of analyst expectations. Wheat volume was mostly disappointing last week.

Corn export inspections reached 48.3 million bushels last week. That was slightly below the prior week’s volume but still toward the higher end of trade estimates, which ranged between 35.4 million and 53.1 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately higher than last year’s pace after reaching 960.9 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 13.0 million bushels. Colombia, Japan, South Korea and Nicaragua rounded out the top five.

Sorghum export inspections were disappointing after only reaching 237,000 bushels last week. China accounted for more than 99% of the total, with Japan accounting for the fractional remainder. Cumulative totals for the 2023/24 marketing year are nearly quadrupling last year’s total so far, with 150.8 million bushels.

Soybean export inspections made modest improvements after reaching 28.2 million bushels last week. That was also toward the higher end of analyst estimates, which ranged between 14.5 million and 36.7 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately below last year’s pace so far, with 1.343 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 19.0 million bushels. Mexico, Japan, Indonesia and Vietnam filled out the top five.

Wheat export inspections spilled moderately lower last week, falling to 11.6 million bushels. That was also on the lower end of trade estimates, which ranged between 9.2 million and 18.4 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately lower than last year’s pace, with 520.5 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 2.4 million bushels. Bangladesh, the Dominican Republic, South Korea and Taiwan rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through March 21.