The June maize futures contract on NCDEX rose over 3% to hit a fresh record high of 1,995 rupees per 100 kg, due to concerns over supply of the coarse grain in domestic market coupled with firm demand from bulk buyers

The prevailing uncertainties over maize imports spurred concerns over domestic supply. Although the government allowed import of 100,000 tn maize at a concessional duty of 15% to deal with the acute supply shortage, there is still no clarity over when the commodity will be imported.

Firm demand in spot markets from bulk buyers, who anticipate the new crop arrivals in Bihar to dry up soon, also supported prices on the bourse.

Corn futures ended the session with the front months firm to 4 1/4 cents higher. Nearby July was up a strong 8.96% this week.

The buying was tied to slow planting progress and the potential impacts on either final acreage or yield. As of May 14, the managed money net short position in corn futures and options was still at 282,918 contracts according to CFTC data.

US exports as of May 9 are 63% of the USDA projection for 18/19, matching the average pace. The total commitments, however, are just 80% of that projection vs the 92% average, as unshipped sales are lagging.

A total of 138,000 MT of corn was bought in separate South Korean tenders on Friday, with US and South America listed as optional origins.