This week, South Dakota soybean farmers had the opportunity to meet with one of the largest private agricultural companies in China. HOPEFULL Grain & Oil Group Co., Ltd is a leading integrator in agricultural trade, grain storage, packaging and ocean transportation. The company is also one of the leading soybean processors in China, crushing 9 million metric tons of soybeans this year alone.
HOPEFULL imports 40% of its soybeans through the Pacific Northwest port, which the largest export area for South Dakota soybeans. South Dakota sends over 120 million bushels of soybeans through the PNW annually.
Located in Yanjao Economic and Technological Development Zone east of Beijing, the plant has 45 silos on site with a storage capacity of 1 million metric tons (MMT). Ten vessels, carrying a combined 500,000 MMT (over 18 million bushels) of soybeans are continually in transit to a China port at all times. Once in China, soybeans are shipped to the plant by rail.
A soybean consists of about 80% meal and 20% oil, and HOPEFULL has built significant markets around both of those products. Once crushed, the soybean meal is filled in 70 kilogram (154 pound) bags and sold directly to livestock farms.
The HOPEFULL vegetable oil production line processes 1,300 tons of soybean oil every day. The oil is packaged in containers on site, labeled and then shipped to stores.
“The size of the plant is impressive,” shared Jim Wehde, a soybean farmer from the Sioux Falls area. “The ability to process beans into oil and meal, package it all on site and ship directly to the consumer market shows how vertically integrated HOPEFULL is. It truly is a one stop shop for soybeans.”
Read more about the China ‘See For Yourself’ Program. Stay tuned to the Scoop on Soybean Blog for future updates from the group.