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HAMBURG, Jan 17 (Reuters) - Hamburg-based oilseeds analysts Oil World cut its forecasts of 2012 soybean crops in key exporters Argentina and Brazil by a combined 3.8 million tonnes, which could help raise demand for U.S. soy on global markets.

The cuts follow drought in parts of South America, which also caused the U.S. Department of Agriculture to reduce crop forecasts for the region. Some recent rain fell in Argentina, but a return to hot and dry weather is again forecast, Oil World said.

Oil World said on Tuesday it had cut its forecast of Argentina's 2012 soybean crop to 50.0 million tonnes from 52.0 million tonnes it forecast in December.

Oil World said it has cut its forecast of Brazil's 2012 soybean crop to 71.0 million tonnes from the 72.8 million it forecast in December. This would be down on the 75.3 million tonnes Brazil harvested in 2011.

Dry weather has also hit crops in other South American countries, Oil World said. Paraguay's 2012 soybean crop will drop to 6.0 million tonnes from 8.37 million tonnes in 2011, it forecast.