Feeder cattle posted stiff gains and hogs ended mixed with a firm undertone, while bellies finished in negative territory.

Initially, prospective cattle-market longs became nervous after they were greeted by an overnight spike in corn at the Chicago Board of Trade and word that $3 per hundredweight lower money was paid for dressed cattle in Iowa and Nebraska late Wednesday.

However, futures slowly clawed back as short-position holders "cleared the deck" on the last trading day of the month. That, in turn, caused some front-month bear-spreaders to reverse position.

Board action is expected to be turbulent again on Friday as players on either side of the market square positions before the weekend. What's more, a trader said, the first and last trading days of the month are usually "the weirdest."

Source: FXSTREET