Chinese crushers suffer from rollercoaster U.S. soybean prices

BEIJING, Nov. 14 (Xinhua) -- China's soybean crushing companies have taken a heavy blow from recent ups and downs in international soybean prices as they wrongly judged the price movements.

Chinese crushers started to stockpile the product when the U.S. Department of Agriculture forecast in September that the country will see its smallest soybean harvest in nine years as the world's largest soybean exporter was hit by the most severe droughts in about 50 years in the summer.

Investors have since bet on the upward trend, pushing soybean prices to a record high before its recent dip as the impact of the drought turned out to be less severe than the previous estimates.

In its monthly report released last Friday, the U.S. Department of Agriculture raised its estimate for U.S. soybean production and increased its forecast for global inventories.

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