U.S. Soybean Export Inspections Surge as Corn and Wheat Lag

The latest government data reveals a widening gap between oilseed demand and grain movement. While soybean inspections have reached 9.71 million tons for the current marketing year—well ahead of the 6.82 million tons recorded at this point last year—corn and wheat are trending downward. Corn inspections fell to 625,233 tons, bringing the season-to-date total to 9.78 million tons, a decline from the 10.59 million tons moved by this time in 2023.

Wheat faces a steeper deficit, with weekly inspections dropping to 183,824 tons. Year-to-date wheat volume now sits at 7.42 million tons, trailing last year’s 11.48 million tons by a significant margin. Export destinations remain concentrated: China led the surge in soybean intake, while Mexico dominated purchases for both corn and wheat, with Vietnam also appearing as a primary destination for wheat cargoes.