Despite balanced distribution of up and down arrows, a closer look at Drovers' index of economic indicators paints a positive picture of the beef industry for February. Leading the up side are average feedyard margins over $85. Forage and grain costs declined earning another positive arrow. Declining slaughter weights and lower total beef production overcame higher cattle-on-feed numbers to earn the third positive arrow. Key cattle prices were slightly lower but remain at profitable levels earning a sideways arrow. Higher cow slaughter offset lower heifer slaughter, also earning a sideways arrow. Retail beef prices increased while pork and poultry maintained their competitiveness in the meat case earning two of the down arrows. Negative packer margins also earned a down arrow.