We have measured the differential cross sections and Λ polarizations in the reactions π−p→ΛK0 and π−p→ΛK*0 (890) near the backward direction, at 3, 4, 5, and 6 GeV/c. Data equal to several times the world's total sample above 2 GeV/c were recorded. Both reactions are characterized by cross sections falling rapidly with beam momentum, and by large positive Λ polarizations for u′ between 0.0 and 0.6 GeV2. Analysis of π−p→ΛK0 yields an effective Regge trajectory consistent with antishrinkage of the backward peak. Separation into amplitudes of definite-parity-naturality exchange shows the reaction to be dominated by unnatural-parity exchange. The energy behavior of this exchange is, however, not consistent with a single linear baryon Regge trajectory or exchange-degenerate pair of trajectories. An apparent normalization discrepancy between data on π−p→ΛK0 of a CERN-ETH group and other high-statistics data including that of this experiment is discussed.
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