GRAINS-Corn reaches highest since mid-summer on trading against wheat
* Soybeans notch highest since Sept. 23 on technical buying
* Wheat falls after Friday stocks report (New throughout, updates prices and market activity to U.S. close, adds weekly crop progress)
By Rod Nickel
WINNIPEG, Manitoba, Oct 3 (Reuters) - U.S. corn futures jumped to a 10-1/2 week high on Monday, lifted by trades that simultaneously bought the grain and sold wheat, after last week's report on supplies by the U.S. Department of Agriculture.
Chicago wheat slipped, while soybeans rose to their highest since Sept. 23 on short-covering and gains in soymeal.
The USDA on Friday said U.S. wheat stocks as of Sept. 1 were the biggest since 1987, while corn supplies were smaller than expected.
On Monday, the USDA also reported increases in export inspections for corn and soybeans from the previous week, with a drop for wheat.
"We know we've sold a lot of corn, a lot of beans," said Bill Gary, president of Commodity Information Systems in Oklahoma City. " ... The key is going to be whether we can maintain this pace."
He added that traders were selling wheat and buying corn or soybeans in spread trades. Continuación...