Indicators measuring America’s beef economy added up to an overall sideways arrow for February. Four key indicators produced arrows pointing higher, but it’s impossible to create a bullish spin for the industry when feedyards are losing more than $100 on every animal marketed and the steer-corn ra-tio dips below 19. Key cattle prices produced an upward-pointing arrow on the strength of price in-creases for calves and yearlings. Month-to-month fed-cattle prices, however, were slightly lower. Pro-duction costs continue rising, while cattle on feed numbers remain relatively large, suggesting an in-crease in beef production in 2008. Competitive meats saw im-provement for the beef industry as sup-plies of pork and poultry declined. However, March and April should produce an improvement to the industry’s overall economy as projected by the Sterling Profit Quotient. Feedyard profit margins will remain negative but should improve dramatically this spring.