Canfax Weekly Article: Report for the week of August 4, 2025

Report for the week of August 04, 2025

The summer fed market has been rather impressive as fed prices established new highs. The Canfax average fed steer and heifer price closed around $300.50/cwt live, $2.50/cwt higher than previous week. Light trade was reported last week with dressed sales reported from $501.50-504.50/cwt FOB the feedlot. Buying interest was noted from all Western Canadian packers but competition on the cash market was mixed. Cattle that traded were scheduled anywhere from the second half of August to the first half of September delivery. Despite historically weak basis levels, buying interest from U.S. packers continues to be quiet. Western Canadian steer carcass weights increased 3 pounds to average 898 pounds, from their lows in June carcass weights have increased 39 pounds.

Last week, the Canfax average feeder steer and heifer price was $9-10/cwt higher. Week over week, the largest price jump was on feeder over 900 pounds with prices advancing $12-14/cwt. This week, there was a mix of backgrounded and grass cattle on offer. Grass cattle are trading at roughly $15-17/cwt premium over dry lotted feeders. Eastern Canadian feedlots have been a little bit more active on the yearling market this year versus last year. Forward delivery calf prices have strengthened over the past 30 days, setting new highs. Alberta auction volumes were just over 12,000 head, 8,000 head smaller than last year. Canadian feeder cattle exports to the U.S. for the week ending July 19th totalled 3,295 head.

The butcher cow market has been a little disappointing relative to the fed cattle market. Last week, Alberta D2 cows traded $3.50/cwt lower, averaging $216.25/cwt with a range from $200-230/cwt. D3 cows averaged $199/cwt. Butcher bulls traded $1.50/cwt lower, averaging $234.50/cwt, with a range from $200-260/cwt. Canadian butcher bull exports to the U.S. for the week ending July 19th were 831 head.

Bull

• USDA’s July 1st cattle inventory report should be viewed as bullish
• The Canadian dollar is trading at the lowest point since May
• Australia has officially opened its market for fresh and frozen Canadian beef. This is the first time since 2003 that Canada has had access. Although current tight North American supplies and high prices are not expected too much for flow down under.

Bear

• Last week’s Alberta fed cash-to-cash basis is the weakest seen this year
• U.S. beef cutout values have struggled over the past month dropping $30/cwt
• Last week’s U.S. cattle slaughter was estimated at 535,000 head, the smallest non-holiday slaughter seen this year