50% utilization plus excess soybean demand in China?

Khor Reports notes and comments:  

In a report on earnings risks at Wilmar’s “oilseeds & grains” business, by brokerage Kim Eng, dated 5 July, “Times not soy good anymore”, target price: 3.25 on 1.2x p/b some interesting data points: 

a) Soybean crushing utilization at 50% with continued China SOE expansion (apparently to reduce market share of foreign companies ); 

b) anecdotes on soybeans as a form of alternate financing of real estate/ stock market investments over last 2 years (page 4). Does this have some sort of parallel with availability of palm oil below global market prices in China?