Canfax Weekly Article | Report for the week of April 21, 2025

Trending higher for the past month, fed prices have started to level off. Last week, the Canfax average fed steer and heifer price closed around $282/cwt live, fully steady with the previous week. Fed prices continue to hold near record high levels. Light trade was reported last week with dressed sales reported from $472.00-473.50/cwt FOB the feedlot. All three Western Canadian packers procured cattle, but US packer interest was limited. Last week’s Alberta fed cash-to-futures basis was reported at -$2.66/cwt, right in line with the five-year average.

Tighter calf and feeder supplies are being met with strong feedlots and grass buying demand. In addition, Eastern Canadian buying interest has also been supportive, showing good interest on heavier weight steers. Last week, the Canfax average feeder steer and heifer prices were $8-13/cwt higher. Week over week, the largest price increases were on steer calves and light weight stockers with prices advancing $15-22/cwt. Trading $2-6/cwt higher last week, 850 pound feeder price established new record highs. Alberta auction volumes were just over 19,000 head, 7,000 head smaller than last year. Canadian feeder cattle exports to the U.S. for the week ending April 5th were 7,696 head.

Last week, Alberta D2 cows traded $10/cwt higher averaging $222/cwt and live trade was reported from $200-241/cwt. D3 cows averaged $199.75/cwt. Butcher bulls traded $2/cwt higher, averaging $239.50/cwt, with a range from $210-270/cwt. Canadian butcher bull exports to the U.S. for the week.

Bull

• According to USDA, for the month of March, the All-fresh beef retail price set a new record high
• April 1st U.S. cattle on feed inventories totaled 11.6 million head, the smallest since 2020
• The nearby live cattle contract has rallied 900 points since 2020

Bear

• Canadian beef exports in February were below last year and below the five-year average
• The latest World Agriculture Supply and Demand report lowered U.S. beef and pork exports based on recent trade data and newly imposed tariffs
• Western Canadian packers continue to run reduced hours