An important divergence has appeared in the Chinese economy which affects agriculture and food demand.
The industrial side of the economy is speeding ahead. Metrics such as exports, electricity demand, PPI, container rates, and industrial output are all showing strong growth. China’s factories are operating at high capacity and shipping goods around the world.
On the consumer side, things are not as optimistic. Retail spending on restaurants, restaurant performance, spending on at-home meals, ho...