Corn rebounded from the biggest drop in more than a week on speculation that frost in the U.S., the biggest exporter, may damage crops. Wheat gained. Corn for December delivery gained as much as 0.5 percent to $7.265 a bushel on the Chicago Board of Trade and traded at $7.255 by 12:45 p.m. in Melbourne. Prices fell 3 percent yesterday, the most since Sept. 1. Frost and a light to moderate freeze is forecast for the next few nights from North Dakota and Minnesota to northern Iowa and Wisconsin and may damage immature corn and soybean crops, Telvent DTN Inc. said in a bulletin dated yesterday. “The market is closely monitoring the forecasts for a hard freeze in the U.S. Upper Midwest over the next few days,” Luke Mathews, a strategist at Commonwealth Bank of Australia, said in a report today. While some corn crops may escape the worst of the damage, “we believe this event could support values later this week,” he said. Wheat for December delivery advanced as much as 0.5 percent to $7.055 a bushel before trading at $7.0375. Prices fell 3.5 percent yesterday, the biggest drop since Sept. 1. Futures declined for a sixth straight session yesterday, capping the longest slump since early October. November-delivery soybeans traded little changed at $13.905 a bushel. The oilseed declined 1.3 percent last week after advancing 7.4 percent in August. To contact the reporter for this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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