Canfax Weekly Article | Report for the week of July 20, 2026

This is the time of the year where fed prices generally grind lower. However, this week’s break is notable for its magnitude. Weighted average steer prices were just north of $340/cwt, $13/cwt or 3.7 per cent lower than last week. This was the largest week-over-week decline since early 2022. Weighted average heifer prices were at $339.75/cwt, $6/cwt lower. Dressed sales were reported from $565–$575/cwt delivered. For the second week in a row, packer activity on the cash market was mixed and lift times have started to stretch out, with pick-up times ranging from early August to the first half of September. For the week ending July 11th, Western fed steer carcass weights jumped 32 pounds higher to 920 pounds. This is 28 pounds heavier than last year.

Last week, Alberta auction volumes were 16,665 head, up 31 per cent from the five-year average. The forward delivery calf market was lightly tested this week. AB, SK and MB 500–599 pound steer calves for October delivery ranged from $686–$799/cwt, averaging $745/cwt based on 537 pounds. Forward delivery is $20/cwt higher compared to the June average. Eastern Canadian feedlots have been very active on the fall delivery calf market, which is not uncommon. Forward delivery calf prices are at record highs.

Last week, Alberta D2 and D3 cows seasonally traded lower, easing $6/cwt from the previous week. Despite the seasonal pressure, D2s are only $6/cwt below the record high. Historically, cow prices drift lower in the second half of the year. Feeder cows were reported at $269/cwt, $1/cwt lower. Butcher bulls were down $5/cwt from the record high reported last week. Railgrade cows were steady from the previous week at $450–$460/cwt.

Bull

• Strong forward delivery calf market
• Calf and feeder markets continue to trade near record high levels despite the pullback in the futures market
• Bred heifers are trading at a premium over the feeder market, staying out of the feedlot mix

Bear

• Seasonally, cow prices drift lower in the second half of the year
• Weighted average fed steer prices were down $13.00/cwt
• Beef cutout values remain under pressure