The latest batch of grain export inspection data from USDA yielded mixed but mostly bullish results for the week ending February 10. Corn turned in the strongest performance, trending moderately higher than the prior week’s tally and exceeding the entire range of analyst estimates. Wheat also moved higher week-over-week, while soybeans faced a modest decline. Grain prices were largely unaffected immediately following today’s report.

Corn export inspections reached 57.3 million bushels last week, tracking 37% above the prior week’s tally of 41.9 million bushels. That was also better than the entire range of trade guesses, which came in between 37.4 million and 55.1 million bushels. Cumulative totals for the 2021/22 marketing year are still moderately behind last year’s pace, with just under 790 million bushels.

China was the No. 1 destination for U.S. corn export inspections last week, with 16.3 million bushels. Mexico, Japan, El Salvador and Colombia rounded out the top five.

Sorghum export inspections made modest week-over-week improvements, reaching 7.2 million bushels. China again is the dominant destination for that grain, with Sudan, Mexico and Japan accounting for the remainder. Cumulative totals for the 2021/22 marketing year are still failing to match last year’s pace, reaching 103.0 million bushels.

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Soybean export inspections eased slightly week-over-week, sliding to 42.4 million bushels. That was also toward the lower end of trade guesses, which ranged between 36.7 million and 55.1 million bushels. Cumulative totals for the 2021/22 marketing year remain well below last year’s pace, reaching 1.426 billion bushels.

China accounted for just over half the volume of all U.S. soybean export inspections last week, with 18.7 million bushels. Italy, Egypt, Mexico and Germany filled out the top five.

Wheat export inspections shifted incrementally higher from a week ago, reaching 16.0 million bushels. That was toward the higher end of analyst estimates, which ranged between 7.3 million and 20.2 million bushels. Cumulative totals for the 2021/22 marketing year remain moderately below last year’s pace, with 532.2 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 2.6 million bushels. Taiwan, the Philippines, Thailand and Japan rounded out the top five.

Click here to read more from the latest USDA grain export inspection report.