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The soybean processing sector in China is currently confronting a substantial challenge of overcapacity, according to a senior official from the state-owned enterprise COFCO Oils and Oilseeds. Lv Xiuping, who serves as the chief accountant and is a member of the Communist Party Committee at the organization, highlighted the growing imbalance between infrastructure and demand during an agricultural conference held in the northeastern city of Dalian on Wednesday.
According to the official projections shared at the event, China's total daily crushing capacity for imported soybeans is anticipated to surpass 520,000 metric tons by the end of the current year. This expansion underscores the massive scale of China's industrial processing capabilities, even as the sector deals with the implications of capacity exceeding market requirements. COFCO, being a central player in China's food and oilseeds market, provides critical insights into the operational landscape of the world's largest soybean importer.
Source: Devdiscourse