GRAINS-Soy soars 1.3 pct to 3-month high on fund buying

* Funds buying all commodities

* Higher gold, crude, weak dollar supports grain

* Outside markets override bearish fundamentals

* CFTC releases weekly position report (Recasts, updates prices, market activity throughout; changes byline, dateline, previously SINGAPORE)

CHICAGO, Dec 1 - U.S. soybean futures soared 1.3 percent to a three-month high on Tuesday on another round of fund buying that also lifted corn to a two-week high and wheat to a one-week peak.

Speculative buying has boosted soybean futures 10 percent, corn 10.7 percent and wheat 16.6 percent since early November.

"It's the first of the month, new money is coming in and no one wants to sell into that," said Joe Bedore, CBOT floor spokesman for trade house FC Stone.

At 10:54 a.m. CST (1654 GMT), January delivery soy SF0> was up 13 cents per bushel at $10.73-1/2, corn for December delivery was down 1/2 at $4.02-1/4 and December delivery wheat was up 5-1/4 at $5.72-3/4.

The fresh wave of buying also drove gold and crude oil higher while equities markets rallied and the dollar fell.

Soaring gold is viewed as a barometer of inflationary fears, another bullish factor for wheat, corn and soybeans while the falling dollar makes U.S. commodities a better buy for importers using currencies like the yen or euro.

And gains in crude oil often boost corn prices since corn is the foundation for the U.S. ethanol industry and gains in energy also lift soy since soyoil is a key player in the growing biodiesel industry.

The grains rally occurred despite the production in the United States this year of a likely record large soybean crop, a near record corn crop and forecasts for the largest supply of wheat in U.S. storage for a decade.

"Funds are buying commodities, including grains, Fundamentals are bearish but the money flow is supportive," said Paul Haugens, vice-president for Newedge USA.

Index funds, or funds buying commodities for the long pull, added to their net long positions in CBOT wheat and soybeans in the week ended Nov. 24 but trimmed their net long in corn, according to the Commodity Futures Trading Commission's commitment of index traders report relased on Monday.