USDA’s latest grain export inspection report, out Monday morning and covering the week through September 28, didn’t have a lot of market-moving data for traders to digest. Soybeans fared the best after moving moderately higher week-over week and trending on the higher end of analyst estimates. Corn and wheat volume shifted moderately below the prior week’s total, in contrast.

Corn export inspections slid 12% below week-ago results, falling to 25.6 million bushels. That was slightly toward the lower end of analyst estimates, which ranged between 19.7 million and 33.5 million bushels. Cumulative totals for the 2023/24 marketing year are trending above last year’s pace so far, with 103.9 million bushels since September 1.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 8.3 million bushels. Japan, China, Honduras and Colombia rounded out the top five.

Sorghum export inspections rebounded to 2.6 million bushels. That grain is largely bound for China, with Mexico and Haiti accounting for the modest remainder. Cumulative totals for the 2023/24 marketing year are off to a better start versus last year’s pace so far, with 9.7 million bushels.

Soybean export inspections improved to 24.4 million bushels last week. That was on the higher end of trade estimates, which ranged between 12.9 million and 27.6 million bushels. Cumulative totals for the 2023/24 marketing year are slightly ahead of last year’s pace so far after reaching 72.5 million bushels.

China was the No. 1 destination for U.S. soybean export inspections last week, with 14.1 million bushels. Mexico, Italy, Japan and Colombia filled out the top five.

Wheat export inspections were moderately lower from the prior week’s tally after dropping to 14.6 million bushels. That was also slightly on the low end of analyst estimates, which ranged between 11.0 million and 20.2 million bushels. Cumulative totals for the 2023/24 marketing year are still moderately below last year’s pace so far, with 222.7 million bushels.

The Philippines topped all destinations for U.S. wheat export inspections last week, with 3.0 million bushels. South Korea, Japan, Colombia and Mexico rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through September 28.