Private analytical firm Informa Economics Friday raised its outlook for U.S. corn plantings in 2012, cut its forecast for plantings of soybeans and left its wheat forecast unchanged, traders said.

Informa, a closely watched crop forecaster, pegged corn plantings at 94 million acres, up from its October estimate of 93.1 million acres, traders said. The firm projected soybean plantings at 76.1 million acres, down from its October forecast of 77 million, and left its wheat plantings outlook unchanged from October's 57 million estimate.

Informa, in a report, attributed the increase in corn area compared with last month due to corn's improved net revenue prospects as compared to those for soybeans over the past month. Recent soybean prices are nearly equal to the level offered about 30 days ago while corn prices increased slightly, giving corn a larger advantage in projected returns as the two crops compete for 2012 acreage, the report said.

Corn for December delivery, the most actively traded contract, recently was down 5 1/2 cents, or 0.9%, at $6.40 a bushel at the Chicago Board of Trade. Soybeans for January delivery were up 7 cents, or 0.8%, at $11.75 1/2 a bushel.

If Informa's planting projections are realized, farmers in 2012 will harvest a record 14.1 billion bushels of corn, assuming they abandon a normal number of acres and produce trend-type yields, according to the firm. Farmers will harvest 3.35 billion bushels of soybeans and 2.3 billion bushels of wheat, assuming normal abandonment and trend-type yields, Informa said.

The firm forecast 2012 all wheat yield at 45.4 bushels per acre, which, if realized, would be 1.7 bushels per acre above 2011. Informa also estimated 2012 winter wheat seedings at 39.8 million acres, up 55,000 from its October forecast.

The U.S. Department of Agriculture this week estimated farmers in 2011 will harvest 12.310 billion bushels of corn, 3.046 billion bushels of soybeans and 1.999 billion bushels of wheat. The department estimated farmers had planted 91.9 million acres of corn, 75 million acres of soybeans and 54.4 million acres of wheat for harvest in 2011.

Informa also issued estimates for cotton, keeping its forecast for 2012 plantings steady at 12 million acres and saying output could reach 18.5 million 480-pound bales. Farmers planted 14.7 million acres of cotton for harvest in 2011 and produced 16.3 million 480-pound bales, according to the USDA.

-By Andrew Johnson Jr., Dow Jones Newswires; 312-347-4604; andrew.johnsonjr@dowjones.com

(END) Dow Jones Newswires

November 11, 2011 12:16 ET (17:16 GMT)