Indicators measuring America’s beef economy weakened substantially during July, as all classes of cattle declined in price. Five of the eight arrows pointed lower last month in Drovers’ index. Just three arrows point higher, while one points sideways. Key cattle prices declined as fed-cattle prices dropped nearly $4 per hundredweight. Higher corn and milo prices caused the steer-corn ratio to drop from 43.32 in June to 41.07 in July. May’s steer-corn ratio stood at 48.02. Feedyard margins declined further during July, with average losses nearing $55 per head. Packer margins also declined, posting average losses of $23 for every animal harvested. Production indicators, however, point higher, as on-feed numbers and placements declined.