Feeder cattle closed sharply higher, while hogs and bellies posted losses.

Beef futures initially gained on much-improved wholesale beef demand and lucrative estimated packer profit margins that fueled talk of higher cash prices this week compared with last week.

Live-basis fed cattle bids surfaced on Thursday at $86 per hundredweight against $90-$92 asking prices. Some cattle in the Plains last week reached $88.50.

Corn's upturn in overnight Chicago Board of Trade activity at first provided a lift to back-month cattle. Cattle contracts remained higher throughout the morning in spite of the later decline in CBOT corn.

Also, speculative longs laid a foundation beneath rear cattle months based on forecasts for the U.S. Department of Agriculture's monthly cattle-on-feed survey, due Friday at 3 p.m. EDT. The following are analysts' average estimates and ranges for the data in percentages of a year ago:

.	Average of Estimates	Range of Estimates
On Feed in April	101.3	100.4-102.0
Placed in March	91.9	87.8-98.0
Marketed in March	98.0	96.0-99.4

Source: FXSTREET