“The Senate Agriculture Committee released its long-awaited farm bill draft, marking a key milestone in the legislative process and setting the stage for negotiations with the House-passed version approved in April,” Chad Pater of CHS Hedging said. “Regarding the Iran situation, U.S. officials indicate that the Strait of Hormuz remains open and energy shipments continue to move through the region, helping ease immediate supply concerns. Markets are also monitoring the potential for frozen Iranian assets to eventually be released, with some speculation that a portion of those funds could be directed toward purchases of U.S. agricultural commodities.”