Canfax Weekly Article | Report for the week of December 1, 2025

Alberta fed steers and heifers closed the week trading at $286 and $283/cwt respectively, down $9/cwt from the previous week. The live cattle futures complex traded limit down on Monday, November 24 before rebounding mid-week. The U.S. Thanksgiving holiday contributed to softer beef demand. Dressed sales were reported at $475–485/cwt delivered, $10–15/cwt lower than the previous week. Buying interest was noted from all three Western Canadian packers. Cattle that traded were scheduled for delivery from the second half of December through early January. For the week ending November 22, Western Canadian fed slaughter was 38,348 head, down 8 per cent from last year and the smallest weekly volume since 2016. Year-to-date slaughter is down 8 per cent from 2025 and has run below last year every month except April.

Last week, Alberta auction volumes were just over 40,000 head, declining seasonally from the previous week. Auction volumes for the three-month period between September and November were 12.5 per cent smaller than last year. Canfax average feeder steers closed the week $7–8/cwt lower with declines across all weight classes. The largest week-over-week drops were noted on 300–400-pound steers (-$14/cwt), 800–900-pound steers (-$11/cwt) and 600–800-pound heifers (-$11/cwt). The wild card remains the Mexican border situation; of late, even the announcement of a scheduled meeting to discuss re-opening the border has been enough to move the market.

Non-fed numbers remain ample, but supplies at commercial auction facilities are beginning to tighten. Slaughter cattle prices were lower this week, though the non-fed market fared somewhat better than the fed market. Butcher cows traded $1–4/cwt lower through commercial auction facilities. Over the past month, D1–2 cow prices have been trading on either side of $215/cwt. For the week ending November 22, Western Canadian cow slaughter totaled just over 5,600 head, 25 per cent lower than last year. For the second half of November, this represents the smallest slaughter in twenty years.

Bull

• Reduced auction volumes may provide some price support to heavy feeders through December
• For the second half of November, Western Canadian cow slaughter is the smallest in twenty years
• Secretary Rollins confirmed there is no timeline for reopening the Mexican border

Bear

• Tyson will be closing its Lexington, Nebraska plant on January 20
• Heavy carcass weights and reduced slaughter numbers are expected to limit fed cattle prices
• Alberta cow prices are trading at a $10–15/cwt discount compared to the U.S. utility cow market