USDA’s latest grain export inspection report, out Monday morning and covering the week through April 17, held mostly bullish data for traders to digest. Of particular note, corn and wheat volumes shifted above the entire set of analyst estimates. Soybeans found rangebound results after fading slightly lower week-over-week.
Corn export inspections fell slightly below the prior week’s pace but were still relatively strong after reaching 67.0 million bushels. That was above the entire set of analyst estimates, however, which ranged between 47.2 million and 65.2 million bushels. Cumulative totals for the 2024/25 marketing year remain well ahead of last year’s pace, with 1.544 billion bushels.
Mexico was the No. 1 destination for U.S. corn export inspections last week, with 19.3 million bushels. Japan, South Korea, Colombia and Tunisia rounded out the top five.
Sorghum export inspections were almost nonexistent last week after only scraping together 6,731 bushels. The entirety of that grain is bound for Haiti. Cumulative totals for the 2024/25 marketing year are still severely below last year’s pace after reaching 63.8 million bushels.
Soybean export shipments were slightly below the prior week’s pace after reaching 20.2 million bushels. That was near the middle of analyst estimates, which ranged between 14.7 million and 27.6 million bushels. Cumulative totals for the 2024/25 marketing year remain moderately ahead of last week’s pace after reaching 1.568 billion bushels.
Egypt was the top destination for U.S. soybean export inspections last week, with 6.4 million bushels. Mexico, China, Germany and Taiwan filled out the top five.
Wheat export inspections spilled moderately lower week-over-week after reaching 18.7 million bushels. That was still better than the entire set of analyst estimates, which ranged between 7.3 million and 16.5 million bushels. Cumulative totals for the 2024/25 marketing year are still trending moderately above last year’s pace, with 691.2 million bushels.
Vietnam was the No. 1 destination for U.S. wheat export inspections, with 4.9 million bushels. Mexico, the Philippines, Thailand and South Korea rounded out the top five.
Click here for more highlights from the latest USDA grain export inspection report.