USDA’s new set of grain export inspection data, out Monday morning and covering the week through February 9, showed few surprises as analysts largely anticipated the results that arrived this morning. Corn totals were lackluster, while soybeans continued to post strong results. Wheat prices also made it to the higher end of trade estimates last week.

Corn export inspections trended slightly higher week-over-week to reach 20.1 million bushels. That was near the middle of trade estimates, which ranged between 14.2 million and 31.5 million bushels. Cumulative totals for the 2022/23 marketing year remain well below last year’s pace so far, with 514.1 million bushels.

Mexico was by far the No. 1 destination for U.S. corn export inspections last week, with 11.7 million bushels. Saudi Arabia, El Salvador, Peru and Morocco rounded out the top five.

Sorghum export inspections were disappointing, reaching just 36,000 bushels. The entirety of that grain is bound for Mexico. Cumulative totals for the 2022/23 marketing year are less than a fifth of last year’s pace so far, with 19.6 million bushels.

Soybean export inspections trended moderately lower week-over-week but remained relatively solid, with 57.1 million bushels. That was toward the higher end of analyst estimates, which ranged between 23.9 million and 70.5 million bushels. Cumulative totals for the 2022/23 marketing year are still tracking slightly above last year’s pace, with 1.453 billion bushels.

China accounted for more than half of last week’s U.S. soybean export inspections, with 36.7 million bushels. The Netherlands, Mexico, Italy and South Korea filled out the top five.

Wheat export inspections spilled moderately below the prior week’s pace but still posted healthy results of 17.4 million bushels. That was also toward the higher end of trade estimates, which ranged between 9.2 million and 22.0 million bushels. Cumulative totals for the 2022/23 marketing year are slightly below last year’s pace so far, with 524.9 million bushels.

Japan topped all destinations for U.S. wheat export inspections last week, with 4.3 million bushels. Mexico, Vietnam, the Philippines and Nigeria rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, covering the week through February 9.