The latest set of grain export inspection data from USDA, out Tuesday morning and covering the week through October 5, held one noticeable number for traders to digest. Soybean volume nearly doubled trade expectations, allowing futures prices to reverse back into the green immediately following the report’s release. Wheat landed near the middle of analyst estimates, meantime, while corn volume was largely disappointing.

Corn export inspections trended moderately below the prior week’s total after only reaching 21.7 million bushels in the week through October 5. That was also on the very low end of analyst estimates, which ranged between 21.7 million and 36.4 million bushels. Cumulative totals for the 2023/24 marketing year are still off to a better start versus last year’s pace so far after reaching 127.7 million bushels.

Mexico was by far the No. 1 destination for U.S. corn export inspections last week, with 11.6 million bushels. Colombia, China, Saudi Arabia and Taiwan rounded out the top five.

Sorghum export inspections eased slightly lower week-over-week, with 2.2 million bushels. China accounted for the bulk of that total, with Mexico picking up the modest remainder. Cumulative totals for the 2023/24 marketing year are off to a much better start versus last year’s pace so far, with 12.0 million bushels.

Soybean export inspections jumped significantly higher from the prior week’s volume to reach 60.4 million bushels. That was well above the entire range of trade guesses, which came in between 18.4 million and 30.3 million bushels. Cumulative totals for the 2023/24 marketing year are moderately above last year’s pace, with 133.4 million bushels.

China accounted for the majority of U.S. soybean export inspections last week, with 52.0 million bushels. Mexico, the United Kingdom, Indonesia and Saudi Arabia filled out the top five.

Wheat export inspections shifted slightly below the prior week’s volume, with 14.5 million bushels. That was very close to 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 tracking moderately below last year’s pace so far, with 238.4 million bushels.

Yemen was the top destination for U.S. wheat export inspections last week, with 3.9 million bushels. South Korea, Mexico, Japan and El Salvador rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through October 5.