USDA’s latest grain export inspection report, out Monday morning and covering the week through March 7, held few surprises for traders to digest as analysts accurately predicted corn, soybean and wheat volume ahead of the report. Wheat made modest week-over-week improvements, while corn shifted slightly lower and soybeans trended moderately lower.

Corn export inspections reached 44.2 million bushels last week, which was modestly below the prior week’s volume. That was still toward the higher end of analyst estimates, which ranged between 27.0 million and 49.2 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately above last year’s pace, with 858.6 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 14.8 million bushels. Japan, Colombia, Taiwan and China were the top five destinations.

Sorghum export inspections were roughly half of the prior week’s total after reaching 2.6 million bushels. That grain is entirely bound to China. Cumulative totals for the 2023/24 marketing year are still noticeably above last year’s pace so far, with 143.0 million bushels.

Soybean export inspections were moderately lower versus the prior week’s volume after reaching 26.0 million bushels last week. That was also on the lower end of trade guesses, which ranged between 18.4 million and 42.3 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately below last year’s pace after reaching 1.286 billion bushels.

China was the top destination for U.S. soybean export inspections last week, with 12.4 million bushels. Indonesia, Mexico, Germany and Bangladesh filled out the top five.

Wheat export inspections pushed moderately higher last week, reaching 14.8 million bushels. 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 moderately lower than last year’s pace so far after reaching 491.4 million bushels.

The Philippines topped all destinations for U.S. wheat export inspections last week, with 4.8 million bushels. Mexico, China, Nicaragua 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 March 7.