Cattle prices continued working their way lower during June, pulling industry indicators and summer expectations down with them. Feedyard margins, which were a respectable $42 per head in May, fell nearly $100 per head to show average losses of $55 per head in June. Packer margins improved significantly during June, and retail demand gained some momentum late in the month. Increasing supplies of market-ready cattle will appear in the coming weeks. The steer-corn ratio declined again in June, ending the month at an even 15. Production of competitive meats increased last month.