Prices of maize rose across key spot markets due to a rise in demand from poultry-feed companies and starch manufacturers.

Demand rose as the bulk buyers anticipate a severely tight supply in the coming days due to a smaller crop. Maize futures on NCDEX also rose tracking spot cues.

The most-active September maize contract was 1.2% higher at 2,205 rupees per 100 kg

Corn futures finished up 8 3/4 to 10 1/4 cents to end the week. Prices were technically oversold following the early week melt down and there is some bottom picking activity being attempted.

Friday afternoon’s Commitment of Traders report indicated spec funds holding a net long position of 44, 513 contracts in corn futures and options, a reduction of 45% from last week.

Thursday’s USDA Export Sales report showed continued softness in export sales. New crop sales totaled 307,591 MT, up 56% from the previous week but down 71% from the same week last year.

Total export commitments for old crop corn are now 17% behind a year ago. South Korea purchased 63,000 MT in an international tender for corn to be delivered in January 2020. Areas of dryness and moderate drought are expanding in Indiana, Illinois and Iowa.