* Soybeans up 3 pct in wake of surging stock and oil mkts * Corn and wheat also firmer, viewed as oversold * European wheat mkt awaits results of Egypt tender (Updates after European markets open, pvs SYDNEY) By Sybille de La Hamaide PARIS/SYDNEY, Oct 29 (Reuters) - U.S. soybeans rose 3.2 percent on Wednesday, boosted by gains in global stock markets and oil prices after China cut its interest rates for the third time in six weeks further to support the economy. Markets were also supported by growing optimism that other central banks around the world, including Europe's ECB, would soon take similar decisions. Wheat and corn advanced more than 2 percent as traders took the view that markets had been oversold when fears that a prolonged global recession would curb demand took hold last week. "The outside influences like equity markets probably had some psychological effect," said Michael Hein, head of trading at Elders Toepfer Grain. He said prices were also being supported by the United States Department of Agriculture lowering its domestic production estimates for corn and soybeans when it revised its October crop report on Tuesday. Chicago Board of Trade soybean futures for November delivery added 28-3/4 cents to $9.07-1/2 per bushel by 1130 GMT, reversing the previous day's 1.6 percent fall when traders took profits. Corn for December delivery rose 2.24 percent to $3.99-1/2 per bushel, adding to a 1.4 percent gain on Tuesday after the USDA lowered domestic production estimates. Wheat for December delivery advanced 2.14 percent to $5.25 per bushel, on hopes that moves to prop up the global economy would help sustain demand at a time of abundant world wheat crops. Wheat fell 2.9 percent on Tuesday, as profit-taking eroded early gains, while ample global wheat supplies and slow exports amid recent strength in the U.S. dollar added pressure. European grains markets also firmed but to a lesser extent, with gains in Chicago partly offset by the rise of the euro against the dollar that makes EU grains less competitive on the day Egypt is tendering for more wheat. Still, traders were optimistic that Cairo would accept French bids, like it did last week when it bought 175,000 tonnes of French wheat for shipment in the second half of November. "The change from last time is the rate of the euro/dollar. But we are confident," one trader said. Results of the tender were expected later on Wednesday. By 1110 GMT Euronext milling wheat futures were slightly higher with front month November, which is expiring in less than two weeks, up 2.25 euros or 1.6 percent at 145.00 euros a tonne. January was up 1.25 euro at 142.75 euros. Doug Whitehead, a soft commodities strategist at ANZ Banking Group Ltd, said prices remained volatile with selling expected into any near-term highs. "I think this recovery rally which we're seeing at the moment is not going to carry through for any length of time," he said. Oil prices recovered from a 17-month low struck on Monday while Asian and European stock markets surged after China's central bank cut benchmark lending and deposit rates by 0.27 percentage point, the third cut in six weeks. NYMEX light crude for December delivery rose over 5 percent to $66.1 per barrel. Grains prices as of 1130 GMT Product Last Change Percent Move End 2007 Ytd Percent move CBOT soy 907.50 28.75 +3.27 1199.00 -20.73 CBOT corn 399.50 8.75 +2.24 455.50 -10.04 CBOT wheat 525.00 11.00 +2.14 885.00 -38.02 CBOT rice 15.06 0.18 +1.21 13.55 11.59 Euronext wheat 145.00 2.25 +1.58 210.00 -30.71 US crude 65.83 Euro/dollar 1.2790 (Corn, soybean, wheat U.S. cents per bushel) (Rice U.S. cents per hundredweight) (Euronext wheat euros per tonne) (Crude $ per barrel) (Reporting by Bruce Hextall and Sybille de La Hamaide; Editing by Michael Urquhart and Peter Blackburn)

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