Feeder market ‘on fire’

The best way to describe the feeder market in western Canada is ON FIRE, as steer calves and yearling look to find the top of their markets. This bullish market for calves and feeders is well into its fourth year, with the rally beginning in the fourth quarter of 2021 and only very small periods of correction since. The rally in this cycle is nearing twice the length of the 2013-15 cycle.

Alberta 550 lb steers averaged $540/cwt in July, hovering near all-time highs set only a couple months earlier. These light-weight feeders were up $102/cwt from July 2024 and $242/cwt above the five-year average. Looking regionally, Alberta steer calves have been at a discount to the Ontario market since May after being at a premium for the first four months of 2025. Alberta steer calves have been at a premium to the U.S. since July 2024. Based on the five-year index, Alberta 550 feeder steers should find sustained momentum through to the end of the year with the possibility of a small seasonal decline during the height of the fall run in September/October.

Alberta 850 lb feeder steers averaged $437/cwt in July, and have re-established new all-time highs for the past four consecutive months. These heavier feeder steers were up $97/cwt from last year and $193/cwt above the five-year average. Alberta 850 lb yearling steers spent the first quarter of 2025 at a small premium to their Ontario counterparts but moved to a moderate discount in April and have remained discounted to Ontario for the past four months. The Alberta feeder market has largely been at a premium to the U.S. in 2025, only moving to a discount in March. Based on the five-year index, Alberta 850 lb yearling steers are projected to peak in September as the fall-run ramps up.

YTD auction volumes across western Canada are up three per cent from last year but down three per cent from the five-year average. Alberta saw a six per cent increase in auction volumes, with a smaller one per cent increase noted in Saskatchewan. Volumes are below a year ago in Manitoba (-three per cent) and B.C. (-28 per cent).

On a deflated basis (removing the effects of inflation) Alberta 550 lb steer calf prices averaged $327/cwt in July, easing slightly from their May/June highs. Their 850 lb counterparts averaged $265/cwt in July, re-establishing a new all-time high for the fourth consecutive month. Calf and feeder prices in July were 26-28 per cent higher than the 2015 high.

The price rally in this cycle has seen deflated calf and feeder prices climb 111-128 per cent from their late 2021 low to July 2025, with higher prices currently projected for 2026. The previous rally saw calf and feeder prices increase 106-112 per cent from their 2013 low to their 2015 high.

This article appears in the fall 2025 edition of ABP Magazine.