Union Pacific (UNP) - Get Report warned Wednesday that freight volume for the second half of 2019 will fall more than previously expected amid the ongoing trade war between the United States and China.

Union Pacific now expects a mid-single-digit drop in volume over the second half of 2019 compared to the same period in 2018, the company said in a filing with the Securities and Exchange Commission.

That's more from the railroad giant's previous estimate in July, which forecast a 2% decline in volume in the second half of 2019.

However, despite the expected decline in volume Union Pacific's operating ratio guidance remains unchanged, with the railroad able to raise prices at a pace higher than inflation, Union Pacific CFO Robert Knight noted at the Cowen & Co. 12th Annual Global Transportation Conference.

Investors offered a collective shrug, with shares of the railroad giant rising 0.4% to $159.96. 

The railroad noted that the U.S.-China trade war has taken a particular toll on the volume of soybean and international shipping containers it is hauling along the nation's rails.

While industrial freight volume is expected to rise by 2% in the third quarter, agricultural shipments are expected to fall by 2%, with an expected drop of 14% in the volume of energy related freight, Union Pacific said.