CBOT soy had increased 4.8 % in the previous two sessions. Soymeal followed soy lower on profit-taking and some reports of a softening cash soymeal basis in the US Midwest following a pickup in farmer soy sales in recent days.           

Informa Economics CEO Bruce Scherr said the firm lowered its forecast of US 2012 soy seeding to 74.2 million acres, from 75.1 million previously. But the figure was above USDA's current 2012 forecast of 73.9 million.  

The soy market remains underpinned by crop losses in South America, prospects for further declines in 2012 US soy planting estimates, and strong global demand for soy.

Crop analyst Agroconsult cut its forecast of Brazil's 2011/12 soy harvest to 65.2 million tonnes, from 67.1 million previously, due to drought.           

The Rosario grains exchange lowered its forecast for Argentina's 2011/12 soy harvest to 43.1 million tonnes, from 44.5 million previously.     

Soy crops in Argentina and Brazil have suffered from more poor weather. Harvest forecasts for the two countries may have to be cut by a combined 2-3 million tonnes, Hamburg-based oilseeds analysts Oil World said.         

Volume in CBOT soy futures was up about 8% from the prior 30-day average, but trading volume in soymeal and soyoil lagged relative to their respective 30-day averages.