Canfax report for the week of November 9, 2026

Historically large U.S. feeder cattle import volumes last fall have, to a certain degree, underpinned the fed cattle market. Packers seem well covered with cattle, resulting in limited packer competition this week. At least one Canadian packer was not bidding. Weighted average steer prices established new annual lows in the low $290s/cwt. Dressed sales were reported at $490.00/cwt delivered. Cattle that traded were scheduled for delivery throughout the month of December. With the sharp pullback on the futures market over the last two weeks and limited packer competition, some producers opted not to offer cattle. Sales volumes were very light this week, with not enough trade to establish a weighted average heifer price. U.S. packer interest was supportive, and light volumes of Western Canadian fed cattle were marketed south. These cattle will be priced off the U.S. five-area average. On some of the sales to the U.S., there have been reports of heavyweight carcass discounts at 1,100 pounds.

Alberta auction volumes totaled 81,699 head, down 13 per cent from last year and 11 per cent from the five-year average. The feeder market faced pressure across all weight classes amid uncertainty surrounding the U.S. midterm elections and lower U.S. fed cattle prices. Canfax average feeder steer and heifer prices closed the week $8.00/cwt and $10.00/cwt lower, respectively. Lightweight calves (300–500 pounds) saw the largest weekly declines, falling $10.00–$30.00/cwt. Based on the five-year average, the feeder market typically faces seasonal weakness in November. The nearby feeder cattle futures contract closed at $322.32/cwt, down $15.00/cwt from the previous week, adding further pressure to the cash market.

For the most part, the Alberta non-fed market was able to sidestep softness in the feeder and fed markets this week. Alberta D2 and D3 cows ended the week steady to $0.75/cwt stronger than last week. It should be noted that Alberta D2 cows have stabilized in a $10.00/cwt trading range since the first half of September and have been in a tight $5.00/cwt range for the past five weeks. Railgrade cows on the direct trade were steady this week. However, there were reports that prices through auction marts are softer. Feeder cows were steady, with a modestly softer tone. Butcher bulls found some pressure, ending the week $4.00/cwt lower.

Bull

• U.S. packers were supportive in the fed market.
• Alberta cows remained mostly steady despite the pressure on the fed market.
• Alberta 550-pound steers are at a premium over the U.S. and Ontario.

Bear

• The weakness in nearby feeder cattle contracts is adding pressure to the cash market.
• Weighted average steer prices established new annual lows.
• Choice cutouts were $6.00/cwt lower.