By Francesca Fontana 
 

--Wheat contracts for May delivery rose Thursday, gaining 0.4% to $4.66 1/2 a bushel at the Chicago Board of Trade as traders anticipate a rainier-than-usual 2019.

--Soybean contracts for May delivery increased 0.5% to $9.10 1/2 a bushel.

--May corn contracts rose 1.3% to $3.76 1/4 a bushel.

 
HIGHLIGHTS 
 

Export Sales: The U.S. Department of Agriculture announced weekly export sales for corn and wheat that were on the low side of trade estimates and soybean sales that missed trade expectations during the week ending March 14. Meanwhile, China bought 3,000 metric tons of U.S. pork, making the country the second-largest buyer of the week.

Weather: The National Oceanic and Atmospheric Administration's forecasts released Thursday morning confirm wetter-than-normal weather to come in the weeks ahead as well as through the year.

 
INSIGHT 
 

Corn Demand: Rich Nelson of Allendale says that the prospects of China buying more U.S. pork could help prop up corn prices as well. "If we start exporting a lot of pork to China, that's bullish for feed demand (in the U.S.)," Mr. Nelson said. "The data suggests that ASF [African swine fever] has removed more than 30% of China's hog production in a short period of time...Removing hundreds of millions of hogs from China's food supply has significant implications for China's need to import meat to feed its people," said Arlan Suderman of INTL FCStone.

Growing Season: Grain traders are becoming more concerned that the wet weather will last through growing season, creating yield problems as well as planting problems. "The weather gives us uncertainty and calls into question previous yield forecasts," said Dave Marshall of First Choice Commodities.

Crop Insurance: Record floods in the Midwest are prompting concern over the Trump administration's proposal to slash billions of dollars from a key farm-safety net program: crop insurance. Farm groups are raising alarm over the administration's proposal in its FY2020 budget to cut crop insurance funding by more than $22 billion over a decade, including by reducing crop insurance premium subsidies the government pays to farmers. Devastating floods have damaged farm buildings, equipment, infrastructure and crops, according to the National Association of Wheat Growers, which says farmers depend on the program to mitigate losses from natural disasters. "Congress and the Administration should focus on how to strengthen and improve crop insurance, not weaken a program that many American farmers and ranchers rely on," said Ben Scholz, the group's president.

 
AHEAD 
 

--The CFTC will report its weekly commitments of traders data at 3:30 p.m. EDT on Friday.

--USDA releases its weekly grain export inspection figures at 11 a.m. EDT on Monday.

Write to Francesca Fontana at francesca.fontana@wsj.com

(END) Dow Jones Newswires

March 21, 2019 15:28 ET (19:28 GMT)