Indicators measuring America’s beef economy weakened substantially during June, as all classes of cattle declined in price. Four of the eight arrows pointed lower last month in Drovers’ index. Just one arrow points higher, while three point sideways. Key cattle prices saw a decline, as did production indicators, production costs and performance, and margins. Feedyard margins declined from a positive $42 per head to a negative $25.55 per head. Packer margins improved during June but were still $5 per head in the red. May packer margins were a negative $23.08. Feedyard margins are likely to decline further during July, and packer margins may not move into the black for several weeks. Corn and milo prices, while still manageable for cattle feeders, increased during June. The steer-corn ratio declined from $48.02 to $43.32 during June.