Indicators measuring America’s beef economy decreased again during November, with declines in key cattle prices, production costs, and packing and processing leading the way. Average fed-cattle prices were steady, but calf prices declined $3 per hundredweight and feeder cattle declined an average of $8 per hundredweight, or nearly 7 percent last month. Production costs earned a down arrow as corn prices increased and the steer-corn ratio declined. Cattle feeders saw improvements in average daily gains, feed conversion and average cost of gain last month, and margins improved some, but average losses remain over $50 per head, keeping the arrow pointing lower. Packer margins also held a down arrow with average losses more than $64 per head. Production indicators is given a sideways arrow as increases in the number of cattle on feed and feedlot placements are offset by declines in beef production. The two arrows pointing higher for the beef industry are competitive meats — which recorded a decline in production — and the inventory watch.