Canfax Weekly Article | Report for the week of September 21, 2026

The Canfax average fed steer and heifer price closed around $292/cwt live, $2.50/cwt lower than the previous week. Fed cattle prices are at the lowest point since December 2025. Light trade was reported last week with dressed sales ranging from $486.50–$489.50/cwt FOB the feedlot. Cattle that traded were scheduled anywhere from early October to early November delivery. Western Canadian steer carcass weights have steadily increased this summer and are 2 pounds shy of their highs set back in January. Ontario was the bright spot for the Canadian fed market as their prices strengthened last week.

Last week, the Canfax feeder steer and heifer price closed the week $8–$11/cwt higher. Despite higher prices, all classes of cattle are trading below last year. With good grass conditions across much of the Prairies, the yearling run has been slow to develop. Over the past week, there was a bigger offering of forward delivery calves with over 50,000 head marketed for fall delivery. In some cases, groups of replacement quality heifers are trading higher than their steer mates. These premiums have resulted in a narrower steer/heifer price spread. Some of the Oct/Nov delivery calf sales averaged heifers were trading $55/cwt back of their steer mates. Last week, the 850 pound feeder basis was +15. For the middle of September, this is the strongest feeder basis on record. For the week ending September 5th, Canadian feeder cattle exports to the U.S. totaled 1,038 head, the smallest weekly export volume seen this year.

Last week, Alberta D2 cows traded $5/cwt lower averaging $210.25/cwt with a range from $180–$242/cwt. D3 cows averaged $183/cwt. Since June, Western Canadian cow slaughter has been running above last year. Butcher bulls traded $10/cwt lower, averaging $235/cwt, with a range from $200–$293/cwt. For the week ending September 5th, Canadian butcher bull exports to the U.S. totaled 658 head, 26 per cent lower than the same week last year.

Bull

• Canadian beef exports in July were 1 per cent larger than last year.
• USDA September 1st cattle on feed report should be viewed as slightly bullish as feedlot placements came in below industry estimates.
• The Dominican Republic has approved imports of Canadian beef for the first time since 2003.

Bear

• Reports the U.S. is scheduled to re-open the Santa Teresa port in New Mexico on September 24th to Mexican feeder cattle; this pressured both the live cattle and feeder contracts.
• The Alberta Nebraska cash-to-cash basis is the weakest it has been since February.
• The December lean hog contract set new lows last week.