USDA’s latest set of grain export inspection data, out Tuesday morning and covering the week through February 15, held mixed but mostly positive data for traders to digest. Soybeans led the way with the largest volume but still trended slightly lower week-over-week. Wheat volume also faced modest declines, while corn output shifted slightly higher. All three commodities stayed within the range of analyst estimates that were offered prior to today’s report.

Corn export inspections moved slightly higher week-over-week to reach 36.2 million bushels. That was also toward the higher end of trade guesses, which ranged between 27.6 million and 41.3 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately higher than last year’s pace after reaching 713.3 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 16.4 million bushels. Japan, Colombia, Saudi Arabia and Honduras rounded out the top five.

Sorghum export inspections improved to 12.4 million bushels last week. China accounted for nearly all of that total, with Mexico and Japan picking up the modest remainder. Cumulative totals for the 2023/24 marketing year are more than quintupling last year’s pace so far, with 130.2 million bushels.

Soybean export inspections reached 43.6 million bushels last week. That was toward the higher end of analyst estimates, which ranged between 22.0 million and 53.3 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately lower than last year’s pace so far, with 1.175 billion bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 24.2 million bushels. Mexico, Indonesia, South Korea and Spain filled out the top five.

Wheat export inspections eased slightly lower to 14.0 million bushels last week. That was near the middle of analyst estimates, which ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately below last year’s pace so far after reaching 444.3 million bushels.

Japan was the top destination for U.S. wheat export inspections last week, with 3.5 million bushels. China, the Philippines, Mexico and Colombia rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through February 15.