The latest set of grain export inspection data from USDA, out Monday morning and covering the week through December 14, held mixed but mostly solid data for traders to digest. Soybeans led the way last week after posting moderate week-over-week gains. Corn also improved moderately versus the prior week’s tally, while wheat retreated slightly lower.

Corn export inspections improved 31% week-over-week to reach 37.3 million bushels. That was also on the very high end of analyst estimates, which ranged between 21.7 million and 37.4 million bushels. Cumulative totals for the 2023/24 marketing year are still trending moderately above last year’s pace so far, with 399.2 million bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 12.7 million bushels. China, Japan, Colombia and Panama rounded out the top five.

“The U.S. has been shipping strong volumes to Mexico, Colombia, and Central America all fall,” according to Farm Futures grain market analyst Jacqueline Holland. “In fact, marketing year to date U.S. corn shipments to Mexico are 4% higher than shipments to all other international destinations this year – combined. It was reassuring to see China’s large sale, because U.S. volumes to the world’s second largest corn buyer are currently running 44% behind year-ago paces.”

The weekly increase in corn export inspections may not have been enough to reverse price losses during the morning trading session for corn, but at the very least the news prevented further price losses in the corn market, Holland adds.

Sorghum export inspections faded moderately below the prior week’s tally after reaching 10.6 million bushels. That grain is largely bound for China, with Djibouti and Mexico accounting for the modest remainder. Cumulative sales for the 2023/24 marketing year are still substantially above last year’s pace so far, with 66.8 million bushels.

Soybean export inspections trended moderately above last week’s pace, with 51.9 million bushels. That was also toward the upper end of analyst estimates, which ranged between 27.6 million and 55.1 million bushels. Cumulative sales for the 2023/24 marketing year are still tracking moderately below last year’s pace so far, with 777.8 million bushels.

China was again the No. 1 destination for U.S. soybean export inspections last week, with 20.7 million bushels. Italy, Japan, Mexico and Germany filled out the top five.

“Weekly soybean inspections for export rose to the high end of pre-report trade estimates in today’s export inspections report from USDA. China was once again the top buyer, which was reassured market watchers that China is indeed making good on the export orders it has place for U.S. soybeans in recent weeks,” Holland says.

However, Holland also points out that today was the first day in nine trading sessions that USDA did not report a large daily flash soybean export sale. During that time, Chinese and unknown buyers have ordered 62.6 million bushels of U.S. soybeans to be shipped over the next six months.

“Markets were still optimistic about export prospects for U.S. soybeans, however,” she says. “The export inspection data helped push nearby Jan24 soybean futures up over $0.06/bushel at last glance.”

Wheat export inspections eased slightly below the prior week’s pace after reaching 10.5 million bushels. That was also near the middle of trade guesses, which ranged between 7.3 million and 14.7 million bushels. Cumulative totals for the 2023/24 marketing year remain moderately below last year’s pace, with 328.0 million bushels.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 2.0 million bushels. Japan, Algeria, Burma and Taiwan rounded out the top five.

Wheat export volumes drifted lower in today’s report, which was not an encouraging sign for futures prices that were fending off competition from Russian supplies during this morning’s trading session, Holland says.

“Markets were hoping to see signs that China’s recent soft red winter wheat exports had been loaded out, but today’s figure on the lower end of pre-report trade expectations thwarted that dream,” she says. “Markets had a lot hanging on those sales as marketing year-to-date wheat inspections are trending 22% lower than the same time a year prior.”

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through December 14.