China Economy Slowing, Planting More Soybeans

China’s National Bureau of Statistics reported China’s gross domestic product grew at 6.2 percent in the second quarter of 2019, the slowest rate since 1992. China says its economy continues to face “downward pressure.”

The value added of crop farming grew by 3.9 percent year on year, 0.5 slower than the first quarter. The overall output of summer grain was 141.74 million metric tons, an increase of 2.93 million over last year, up by 2.1 percent. China says it’s soybeans and cotton plantings increased, while livestock production was down 2.1 percent.

China is buying less U.S. soybeans due to tariffs enacted in the tit-for-tat trade war between the two countries. China agreed to reopen trade talks last month and U.S. officials will soon travel to China. However, the outcome of future talks remains uncertain.