【Fujitomi】Even with a sharp drop in Chicago, reactions are limited

（Tokyo Corn）
On the 13th, Tokyo corn fell due to a sharp drop in Chicago, but the decline was not deterred. As of 11:00, the near-month May contract is down 200 yen from the previous day at 22,450 yen.
Fed up with this week's rainfall forecast for the U.S. Corn Belt, Chicago plunged at the start of the week, and Tokyo followed with a nighttime drop. With the double blow of a strong yen, it wouldn’t be surprising if prices tested 22,200 yen. After the Chicago close, the crop condition report showed the winter wheat crop condition deteriorating significantly, with South Dakota reaching a level of extreme crop failure, which could serve as a support for wheat. The soil moisture in the main producing areas of the U.S. Corn Belt is also deteriorating rapidly, which could be a near-term buying factor. However, Tokyo has shown resilience to declines since the morning, reacting little to Chicago’s sharp fall at the start of the week, and the price level is quite high. Therefore, it would be prudent to avoid buying at such an overvalued price level.
https://www.fujitomi.co.jp/?p=15896