USDA’s latest set of grain export inspection data, out Monday morning and covering the week through May 9, held mixed but mostly bullish data for traders to digest. Corn volume led the way again but did trend moderately lower week-over-week. Soybeans tracked above the entire set of analyst estimates, meantime, and wheat made modest week-over-week improvements.

Corn export inspections reached 36.9 million bushels, which was moderately below the prior week’s tally of 51.1 million bushels. That was also toward the lower end of analyst estimates, which ranged between 22.6 million and 57.1 million bushels. Cumulative totals for the 2023/24 marketing year reached 1.336 billion bushels, which is still tracking moderately above last year’s pace so far.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 12.6 million bushels. Japan, Colombia, Taiwan and South Korea rounded out the top five.

Sorghum export inspections moved slightly higher week-over-week after reaching 5.5 million bushels. China accounted for more than 99% of that total, with Mexico picking up the fractional remainder. Cumulative totals for the 2023/24 marketing year are still more than tripling last year’s pace so far after reaching 185.8 million bushels.

Soybean export inspections improved to 14.9 million bushels last week. That was better than the entire set of trade guesses, which ranged between 7.3 million and 14.7 million bushels. Cumulative totals for the 2023/24 marketing year remain moderately lower than last year’s pace after reaching 1.453 billion bushels.

Egypt was the No. 1 destination for U.S. soybean export inspections last week, with 5.2 million bushels. Indonesia, China, Mexico and Colombia filled out the top five.

Wheat export inspections moved modestly above the prior week’s tally after reaching 13.5 million bushels. That was still toward the lower end of analyst estimates, which ranged between 10.1 million and 18.4 million bushels. Cumulative sales for the 2023/24 marketing year are still slightly below last year’s pace, with 648.5 million bushels.

China topped all destinations for U.S. wheat export inspections last week, with 4.2 million bushels. South Korea, Mexico, Peru and Japan rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through May 9.