Corn Futures Jump After USDA Forecast Cuts

U.S. corn futures rose as much as 3.7% after the Agriculture Department cut its forecasts for corn yields and production more sharply than analysts expected, reversing earlier weakness. The report was another surprise in a series of volatile USDA releases. In early Tuesday trading, other grains were mixed to lower and livestock prices showed little movement; recent sessions had seen grain prices fall while cattle and hog futures generally rose.