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Morning Ag Clips reports that China cancelled a U.S. soybean purchase the prior week, raising concern that Chinese buyers may hold back to lower prices. Global Commodity Analytics says Chinese soybean crushing margins are deeply negative and hog prices are at their lowest since early 2015.
The analyst expects China to move toward hand-to-mouth buying if U.S. prices keep rising, with the U.S. in a strong position depending on Argentina's crop size.
Weak crush margins and oversupplied hogs reduce Chinese demand for soybeans and soymeal, which pressures prices if purchases slow. A shift to hand-to-mouth buying would make U.S. export sales less predictable and could cap soybean rallies.
morningagclips.comZeusstogie672018年2月20日在过去 250 次中性的贸易事件之后，大豆 在 5 个交易日内中位数变动 +0.0%（50% 上涨；中间一半区间为 -1.4% 至 +1.6%），20 个交易日内为 -0.2%。
在过去 384 次看跌的贸易事件之后，豆粕 在 5 个交易日内中位数变动 -0.2%（47% 上涨；中间一半区间为 -1.7% 至 +1.6%），20 个交易日内为 -0.5%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件；仅描述已发生的情况，不代表未来走势。不构成投资建议。
