Corn and cotton will be more widely planted in the U.S. and China as farmers shy away from soybeans, according to industry forecaster Oil World.
Bloomberg reports the Hamburg-based outfit indicates soybean planting will slip 11 percent in China this year. In the U.S., soybean sowing is expected to be roughly comparable to figures from last year.
"There is concern that soybean plantings in the Northern Hemisphere will not be large enough this spring to facilitate the required recovery of soybean stocks in the 2011-12 season," according to Oil World. "Farmers are shifting acreage to more attractively priced corn and cotton."
During the past 12 months, prices for corn futures have increased 89 percent and cotton futures have more than doubled. By contrast, soybean futures have gained 40 percent.
Prior to 2:30 p.m. on Tuesday, corn futures were up 0.11 percent, a 0.075 cent climb to $6.7175 per bushel. Cotton futures slipped 1.43 percent, a 0.0282 drop to $1.9467 per pound. Soybean futures rose 1.08 percent, a 0.145 cent climb to $13.63 per bushel.
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