After setting record highs this spring, cattle markets fell dramatically during May, pulling industry indicators and expectations lower. Feedyard profi ts, which rested fi rmly above $230 per head last month, fell on average nearly $200 per head during May and seem headed for negative territory. Consumer demand never really flourished during May as analysts hoped, and increasing supplies began to weigh on the market. Grain prices leveled off, but lower cash cattle meant the steer-corn ratio declined again last month Rally ends, indicators tumble lower to 15.78. Production of competitive meats declined during May, and beef packer margins climbed out of the red. Summer profi t prospects for feedyards appear grim.