Chinese crushers suffer from rollercoaster U.S. soybean prices (2)

Affected by the news, soybean futures prices have headed south on the Chicago Board of Trade.

As of Monday, the price of soybean contracts on the board had nosedived around 20 percent from its high in September.

The slumping prices in turn significantly squeezed profits of Chinese crushers who had stored the product at higher costs earlier for fear of further price gains.

Wang Xiaoyu, deputy secretary general of the Heilongjiang Soybean Association, told reporters that in the current context, crushing one tonne of soybean oil would incur losses of 400 yuan for Chinese companies.

He estimated that 90 percent of the companies have halted production since the third quarter.

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