USDA’s latest grain export inspection report, out Monday morning and covering the week through June 20, held another mixed bag of data for traders to digest (as it typically does). Corn, soybeans and wheat all found rangebound results. Corn led the way again despite facing a moderate week-over-week drop. Soybeans made very small improvements compared to the prior week’s volume, while wheat tilted moderately lower.

Corn export inspections fell to 44.0 million bushels last week. That was near the middle of analyst estimates, which ranged between 33.5 million and 55.1 million bushels. Cumulative totals for the 2023/24 marketing year are still noticeably higher than last year’s pace so far after reaching 1.639 billion bushels.

Mexico was the No. 1 destination for U.S. corn export inspections last week, with 17.7 million bushels. Japan, Colombia, China and South Korea rounded out the top five.

Sorghum export inspections remained lackluster last week after only reaching 44,000 bushels last week. That grain is bound for Mexico and South Africa. Cumulative totals for the 2023/24 marketing year are still nearly tripling last year’s pace so far, with 201.3 million bushels.

Soybean export inspections reached 12.6 million bushels last week, which was fractionally higher than the prior week’s volume. That was toward the higher end of analyst estimates, which ranged between 7.3 million and 14.7 million bushels. Cumulative totals for the 2023/24 marketing year are still tracking moderately below last year’s pace, with 1.515 billion bushels.

Egypt was the No. 1 destination for U.S. soybean export inspections, with 4.2 million bushels. Mexico, Germany, Japan and Indonesia filled out the top five.

Wheat export inspections faded moderately below the prior week’s volume, reaching 12.6 million bushels. That was also on the very low end of analyst estimates, which ranged between 11.0 million and 18.4 million bushels. Cumulative totals for the 2024/25 marketing year have started off trending moderately above last year’s pace after reaching 38.6 million bushels since the beginning of June.

Mexico was the No. 1 destination for U.S. wheat export inspections last week, with 3.5 million bushels. Japan, Brazil, Chile and South Korea rounded out the top five.

Click here for more highlights from the latest USDA grain export inspection report, which covers the week through June 20.