This report provides a concise overview of recent grain export trends, highlighting the performance of wheat, corn, and soybeans based on the latest USDA inspection data. It delves into the weekly volumes, comparing them against market expectations and previous periods, and identifies key international destinations for these commodities. The analysis underscores the fluctuating nature of agricultural trade and its implications for market participants.
Unpacking Grain Trade: A Closer Look at Shifting Commodity Fortunes
Fluctuating Grain Export Activity: Wheat's Ascent Amidst Lagging Corn and Soybeans
The most recent report from the U.S. Department of Agriculture, released on Monday morning and covering the period up to July 17, presented a mixed, yet largely underwhelming, picture for grain exports. While wheat shipments showed a remarkable increase, exceeding all analyst projections, corn volumes saw a moderate decline, falling below even the lowest estimates. Soybean exports also remained subdued.
Corn Shipments Face Setbacks: Below Expectations Despite Overall Gains
Last week's corn export inspections were notably unimpressive, totaling only 38.7 million bushels. This figure was well below the anticipated range of 43.3 million to 62.0 million bushels. However, total accumulated corn exports for the 2024-25 marketing year continue to outpace the previous year's performance, reaching a substantial 2.316 billion bushels.
Leading Destinations for U.S. Corn Exports
Mexico emerged as the primary recipient of U.S. corn shipments last week, accounting for 14.7 million bushels. Following Mexico were South Korea, Colombia, Japan, and Taiwan, which collectively represented the other major destinations for American corn.
Sorghum Shipments: A Continued Struggle in the Current Marketing Year
Sorghum exports showed no activity last week, reflecting a persistent challenge for this commodity throughout the current marketing year. Cumulative figures for 2024-25 stand at just over 77 million bushels, less than half of the volume recorded during the same period last year.
Soybean Exports See Modest Increase: Doubling Previous Week's Volume
Soybean export inspections experienced a significant rebound, more than doubling the previous week's volume to reach 13.4 million bushels. This figure aligned with the higher end of analyst forecasts, which ranged from 7.3 million to 14.7 million bushels. Despite this improvement, cumulative soybean exports for the 2024-25 marketing year are only moderately ahead of last year's pace, totaling 1.719 billion bushels.
Key International Buyers of U.S. Soybeans
Germany led the destinations for U.S. soybean exports last week, with 4.3 million bushels. Other significant importers included Mexico, Egypt, Indonesia, and Japan.
Wheat Exports Lead the Way: Exceeding All Forecasts
Wheat export inspections significantly surpassed analyst expectations, climbing to 26.9 million bushels last week. This volume exceeded all trade predictions, which had been set between 11.0 million and 18.4 million bushels. Cumulative wheat exports for the 2025-26 marketing year are moderately ahead of last year's figures, reaching 111.0 million bushels.
Primary Markets for U.S. Wheat
Nigeria was the top destination for U.S. wheat exports last week, receiving 6.1 million bushels. Mexico, Indonesia, Taiwan, and Chile also imported considerable amounts of American wheat, completing the top five destinations.
