USDA’s latest round of grain export inspection data, out Monday morning and covering the week through January 2, held mixed results for traders to digest. Of particular note were wheat inspections, which found moderate week-over-week gains and rose above the entire range of analyst estimates. Corn and soybean results came in mostly as expected, with both grains moving below the prior week’s volumes.

Corn export inspections slid moderately lower week-over-week, with 33.4 million bushels. That was also on the lower end of analyst estimates, which ranged between 29.5 million and 39.4 million bushels. Cumulative totals for the 2024/25 marketing year remain moderately ahead of last year’s pace so far after reaching 639.2 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 10.8 million bushels. Colombia, Japan, Spain and South Korea rounded out the top five.

Sorghum export inspections slumped to just over 40,000 bushels last week. That grain is bound to China and Mexico. Cumulative totals for the 2024/25 marketing year remain moderately below last year’s pace so far after reaching 54.0 million bushels.

Soybean export inspections eroded moderately lower week-over-week to 47.2 million bushels. That was still toward the higher end of analyst estimates, which ranged between 29.4 million and 51.4 million bushels. Cumulative totals for the 2024/25 marketing year are still trending moderately above last year’s pace so far after reaching 1.101 billion bushels.

Related:USDA exports – China buys soybeans, Taiwan buys corn, Jan. 16, 2025

China was the No. 1 destination for U.S. soybean export inspections, with 20.6 million bushels. Vietnam, Indonesia, Germany and the United Kingdom filled out the top five.

Wheat export inspections tracked moderately ahead of last week’s pace, with 15.2 million bushels. That was also better than the entire set of analyst estimates, which ranged between 7.3 million and 12.9 million bushels. Cumulative totals for the 2024/25 marketing year are still moderately better than last year’s pace after reaching 467.3 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 5.4 million bushels. South Korea, Nigeria, the Philippines and Indonesia rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through January 2.