Yes, but it's a bit more complex.
First of all, you can offer % of all corporations --based on their current production level-- up to 100% for the local/common market.
Supplies, also will contract up to 100% --of current supplies used-- similar to offered %.
If corporation production changes, then the 100% to offer changes, and usually the 100% supplies needed changes as well. If this --decreases--, the amount for production remains, and may over-contract, while for supplies it will auto-decrease to match the useage.
There are a few ways to 'manage' this: have all corporations at 100% hiring when doing offers and acceptances, and plan for your corporation to grow, so, add more supplies than necessary at high quality. Of course, you could manually go back and re-offer, and re-accept, too -- have fun with a big enterprise, though.
Also, you could just do manual contract for important contracts (not Services, etc.) and set these up individually...more work initially, but, those contracts won't auto-adjust, and screw up your supply needs.
Another way, is to combine manual sales to local corporations with contracts, so that you have some contracts made, they change around however they do, but you periodically dump 60 months worth of key supplies into your corporations. Then, sometime later, when you 'have time', you can slowly go back and re-offer, re-accept to get back to the contract % you want.
Finally, if you offer % to the common market as "local and common market", it will be independent of "local only" or "common only" offers, so you could keep offering past 100%. Sometimes, when offering again to the same market, it will cancel existing %s, if lower, and re-adjust to the higher amount, or decrease to the lower amount. But, it seems that sometimes, it does --not-- replace existing offers, but just adds to them -- that seems to be a bug/glitch. In that case, you can ignore it for a while, or go through and cancel the overages, or there is one trick; offer 100% from "local only", which will add to the total offered %, then re-offer local and common at the minimum % -- the offered amount for local and common should auto-decrease at that point, leaving you with 100% local and some small % local and common; then, re-offer to local and common again at your desired %, and the local may drop out, too...sometimes it doesn't, so either ignore it (if using common anyways, not local) or reoffer local at 0 to auto-retract all local offers. The basic idea is, use one to "hold" the total %, while canceling the other, because the common market system likes having the offered % stay, once it is offered, ie. it is hard to directly retract. For supplies, you can just cancel all contract for all, or indicidual, corporations, and just re-do the accept contracts.