Canfax Weekly Article | Report for the week of December 15, 2025

Alberta fed steers and heifers averaged $295.00/cwt and $293.00/cwt respectively, $3.00–4.00/cwt higher than the previous week. Despite fed prices strengthening over the past couple of weeks, the market has been disappointing relative to seasonal expectations. Dressed sales were reported from $493.00–$495.00/cwt delivered. Cattle that traded were scheduled for delivery through the month of January. Over the past two weeks, Canadian fed slaughter volumes have been running 0.5 per cent below year-ago levels; however, Canadian fed beef production is running 3 per cent higher than year-ago levels due to heavier carcass weights.

Last week, Alberta auction volumes were 27,101 head, steady with the previous week and down 45 per cent from a year ago. Volumes have run below last year for five consecutive weeks, and fourth-quarter volumes are on track to be the smallest since 1990. The feeder market saw strong price support this week, with steers weighing 500–900 pounds trading $12.00–22.00/cwt stronger than the previous week, while heifers weighing 300–700 pounds were $5.00–18.00/cwt higher. Prices are back at levels seen four weeks ago. Alberta 550-pound steers are trading at a $44.00/cwt and $55.00/cwt premium over the U.S. and Ontario markets, respectively. This is the second-largest premium of the year over the U.S. and the largest premium for the second half of the year compared to Ontario.

Last week, cull cows through commercial auction facilities were $1.00/cwt stronger. Since October 17, cull cow prices have traded largely sideways near levels seen in late July and early August, just prior to the U.S. imposing 40 per cent tariffs on Brazil. Feeder cows were up $6.00/cwt this week, while butcher bulls ended the week steady. Railgrade cows ranged from $400.00–$410.00/cwt, steady with the previous week. Based on the five-year average, cull cow prices typically strengthen toward year-end.

Bull

• Alberta 550-pound steers are trading at a premium to both U.S. and Ontario markets
• Fed market supply should continue to tighten moving into the first quarter
• Alberta bred cows and heifers both established new record highs

Bear

• Canadian carcass weights remain record large
• December 1 Alberta/Saskatchewan cattle-on-feed inventories are within 60,000 head of the peak made in 2023
• U.S. Choice and Select cutout values ended the week $5.00/cwt and $7.00/cwt lower, respectively