Canfax Weekly Article | Report for the week of May 25, 2026

Following nineteen consecutive weeks of higher fed prices, the market took a modest step backwards. The Canfax average fed steer and heifer price closed around $343/cwt live, $1/cwt lower than the previous week. From a supply perspective, there was a good mix of fed calves and yearlings marketed last week, and there was no price difference between the two. Buying interest was noted from all Western Canadian packers with dressed sales ranging from $572–$578/cwt FOB the feedlot. Lift times were all over the map depending on the packer and some producers were negotiating for longer pick up times. Cattle that traded would be picked up anywhere from 1–6 weeks.

Last week, the Canfax feeder steer and heifer price closed the week steady to $1/cwt lower. The largest week-over-week price decline was on light weight calves from 3–400 pounds with prices dropping over $20/cwt. Last week, steers weighing 8–900 pounds traded $10/cwt higher establishing new record highs. Feeder prices are trading around $100/cwt higher than last year. Demand for younger cow-calf pairs remains strong with record prices being paid. This week trading via electronics, first and second calvers with good calves at their side traded from $7,975–$8,900/pair. Alberta auction volumes were just over 15,000 head, 3,000 head smaller than last year. Canadian feeder cattle exports to the U.S. for the week ending May 9th totaled 1,914 head.

Last week, Alberta D2 cows traded $1/cwt higher averaging $252/cwt with a range from $225–$290/cwt. D3 cows averaged $225/cwt. YTD Western Canadian cow slaughter is down 10 per cent versus last year. Butcher bulls traded $6.50/cwt higher, averaging $280/cwt, with a range from $229–$322/cwt. Canadian slaughter bull exports to the U.S. for the week ending May 9th totaled 546 head.

Bull

• U.S. drop credit values are 33 per cent higher than last year
• In eight out of the past fifteen years, Western Canadian fed prices have established first half of the year highs in June
• At least one Western Canadian packer is short bought and lifting fed cattle very quickly

Bear

• Last Friday, cattle on feed report should be viewed as negative as feedlot placements were above industry estimates
• The Cargill plant at Fort Morgan locked out more than 1,700 union workers after union members overwhelmingly rejected the company’s latest offer
• Over the past two trading sessions, feeder cattle contracts have dropped $15/cwt