Informa Economics lowered its forecast of U.S. cotton plantings for 2012 in a report on Friday, trade sources said.

The private analytical firm estimated plantings of the fiber at 12.83 million acres, down 330,000 from its March forecast, based on a survey conducted late last month.

The estimate is 12.9% lower than what U.S. farmers planted in the 2011-12 season, which ends July 31.

According to the U.S. Department of Agriculture, U.S. cotton plantings were 26% complete as of April 29, up from 16% at the same time last year.

Dry conditions in Georgia and Texas–the top two producing states–remain a concern, however.