Small, single "tea" with deoxygenated soy (4)

I believe the answer is:

itsy

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'small' is the definition.
I know nothing about this answer so I cannot judge whether it can be defined by this definition.

'single tea with deoxygenated soy' is the wordplay.
'single' becomes 'I' (one).
'tea' becomes 't' (I've seen this in other clues).
'with' says to put letters next to each other.
'deoxygenated soy' becomes 'sy' (I can't explain this - if you can you should believe this answer much more).
'i'+'t'+'sy'='ITSY'

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I've seen this clue in the Sydney Morning Herald.

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