USDA’s latest grain export inspection report, covering the week through December 17, held mostly positive data for traders to digest. Soybeans moved slightly higher and bested all trade guesses. Wheat made a moderate move higher, but stayed on the lower end of trade estimates. Corn totals were relatively disappointing after falling 17% lower week-over-week.

Soybean export inspections made minor inroads last week, inching ahead of an already robust tally the prior week to reach 93.1 million bushels. That was better than all trade estimates, which ranged between 69.8 million and 88.2 million bushels. Cumulative totals for the 2020/21 marketing year remain significantly above last year’s pace, with 1.275 billion bushels since September 1.

China again accounted for more than half of all U.S. soybean export inspections last week, with another 53.9 million bushels. Egypt, the Netherlands, Japan and Mexico rounded out the top five.

Corn export inspections were more lackluster, sliding moderately below the prior week’s tally to 30.0 million bushels. That was also on the lower end of analyst estimates, which ranged between 29.5 million and 43.3 million bushels. Cumulative totals for the 2020/21 marketing year are still trending 66% above last year’s pace, with 501.3 million bushels.

China (10.7 million) and Japan (10.3 million) were the top two destinations for U.S. corn export inspections last week. Mexico, Taiwan and Tunisia filled out the top five.

Sorghum export inspections saw a moderate week-over-week decline, falling to 5.3 million bushels. However, cumulative totals for the 2020/21 marketing year are still more than doubling last year’s pace, with 73.2 million bushels. China was by far the No. 1 destination last week, taking 97% of the total, with Madagascar picking up the small remainder.

Wheat export inspections trended 49% higher week-over-week to reach 14.4 million bushels. Still, that was on the low end of trade guesses, which ranged between 12.9 million and 22.9 million bushels. Cumulative totals for the 2020/21 marketing year are now fractionally below last year’s pace, with 519.1 million bushels.

South Korea topped all destinations for U.S. wheat export inspections last week, with 3.3 million bushels. Mexico, Taiwan, Yemen and Italy rounded out the top five.

Click here for additional data from USDA’s latest grain export inspection report.