Joshua Van Ryswyk

08/26/2026 Click Above to Watch the Morning Market Talk Video Markets All Bulled Up on Grains, Bearish Livestock On the Grains Wheat futures led a round of buying in the grain and soy markets overnight, jumping to double-digit gains. Soyoil was the exception, as it traded sharply lower amid biofuels concerns as traders await EPA’s decision on small refinery exemptions for the 2025 compliance year. Wheat traders have come to the realization that Russia’s ag ministry plan to eliminate grain export taxes through year-end will have little meaningful impact on export volumes as port infrastructure has been damaged and attacks between Russia and Ukraine continue in the Black Sea. A surprise visit to Moscow by CIA Director John Ratcliffe on Tuesday briefly revived hopes that Washington may be trying to reopen a diplomatic channel between Russia and Ukraine, but there is little evidence yet that either Moscow or Kyiv is prepared to make the concessions needed for a broader settlement — or even for a durable truce. Ratcliffe's surprise Moscow trip is significant because Washington and Moscow are communicating at a senior level when the formal peace process has largely gone dormant. But communication should not be confused with convergence.…