Canfax Weekly Article | Report for the week of December 8, 2025

Last week, the Canfax average fed steer and heifer price closed around $290/cwt live, $6/cwt higher than the previous week. Light trade was reported with dressed sales from $482.75–487.00/cwt FOB the feedlot. Competition on the cash market was limited with one packer not overly active. Cattle that traded were scheduled for late December and into January delivery. Last week, some cattle were bought flat, with no heavy weight carcass discounts, while other sales had weight discounts at 1,050 pounds. Over the past few months, Eastern Canadian fed prices have been trading at a sizable premium to the Western Canadian market. That premium narrowed significantly last week, and the price spread between Eastern and Western Canada is now par.

Following ten consecutive weeks of lower prices, the market is starting to find some stability. The Canfax steer price was down $2/cwt, while heifer prices were up $5/cwt. Calf prices have likely established their fall lows; grass buyers have been active on the market, and this should be price supportive. The forward delivery market was lightly tested last week. Alberta heifers weighing 800–899 pounds for March/April 2026 delivery traded from $437–440/cwt. Compared to the second half of November, forward delivery prices have increased roughly $10/cwt. Alberta auction volumes totaled just over 27,000 head, 13,000 head smaller than last year. Canadian feeder cattle exports to the U.S. year-to-date are down 7 per cent from last year.

Last week, Alberta D2 cows traded $1.50/cwt higher, averaging $215/cwt with a range from $188–245/cwt. D3 cows averaged $193/cwt. For the month of November, Western Canadian cow slaughter was the smallest in twenty years. Butcher bulls traded $2/cwt higher, averaging $227.50/cwt with a range from $170–265/cwt. Canadian butcher bull exports to the U.S. year-to-date are down 7 per cent from last year.

Bull

• From their lows in late November, live cattle contracts have rallied $15–18/cwt.
• U.S. 50 per cent trim prices are trading 115 per cent higher than last year.
• Over the past couple of weeks, U.S. packer (northern regions) margins have been positive, leading to increased slaughter rates.

Bear

• Forward delivery beef sales (totaled load counts) have been running well below last year.
• U.S. pork cutout values have struggled, trading near year-ago levels.
• For the end of November, Western Canadian steer carcass weights are record large.