Canfax Weekly Article | Report for the week of August 25, 2025

Alberta fed prices averaged in the low $300s/cwt last week. The fed market has exceeded expectations as annual price highs in August are very uncommon as this only occurred once over the past fifty years. Western Canadian fed prices were 22 per cent higher than last year and 38 per cent higher than the three-year average. Dressed sales were reported from $505.00–$510.00/cwt delivered. Cattle that traded were scheduled for delivery throughout the month of September with most cattle booked for the first half of September delivery. Over the past month, Alberta fed prices have been trading at $35+/cwt discount against the Nebraska market. Fed cattle shipments to the U.S. remain slow. Based on USDA weekly imports data, fed shipments have been averaging around 6,500 head per week compared to 7,400 head from last year.

Last week, Alberta auction volumes totaled 16,671 head, down 53 per cent from the five-year average. For the month of July, volumes were 71,773 head, up 18 per cent from last year and 27 per cent above the five-year average. This was the second-largest July volume in the last decade, trailing only 2023. Year-to-date volumes are at 751,435 head, 3 per cent higher than a year ago. The feeder market continued to be impressive with strong rallies across the board. Both steers and heifers weighing 500–900 pounds rallied $8.00–$19.00/cwt from last week. For the first time this year, both Alberta and Ontario 550-pound steers have surpassed $600.00/cwt.

Last week, Alberta D2 and D3 cows through commercial auction markets were $4.00–$10.00/cwt stronger. Butcher bulls traded $9.00/cwt higher, while feeder and railgrade cows were fully steady. Alberta D2 and D3 cows were $4.00–$5.00/cwt shy of their June high. Western Canadian cow slaughter during the first half of August averaged around 3,900 head per week, the smallest slaughter volume for the first half of August since 2014. Year-to-date Western Canadian cow slaughter is down 11 per cent from last year and 16 per cent below the five-year average.

Bull

• Fall run and grain prices at annual low levels are expected to be supportive for the feeder market.
• Fed prices continued to put in annual highs in August, which has only occurred once over the past fifty years.
• Alberta D2 and D3 cows traded $4.00–$10.00/cwt stronger, only $4.00–$5.00/cwt shy of their June high.

Bear

• Alberta fed prices were trading at a $35+/cwt discount against the Nebraska market, while Canadian fed shipments to the U.S. have been averaging around 6,500 per week compared to the 7,400 head from last year (based on weekly USDA import data).
• USDA August 1 cattle on feed saw placements come in above expectations.
• The Alberta cash-to-futures basis was reported at an annual low of -27.