Canfax Weekly Article | Report for the week of July 27, 2026

The market psychology has dramatically shifted over the past few weeks. Fed prices ground higher over the first six months of the year; however, now prices are coming off in chunks. The Canfax average fed steer and heifer price closed around $330/cwt live, $10/cwt lower than the previous week. Packer competition on the cash market has moderated. In some instances, packers were limiting the amount of cattle they were buying from each producer and, in other cases, were not bidding on cattle. Cattle that traded were being scheduled for delivery through the months of August and September. Dressed sales in Alberta were from $547.00–$547.75/cwt FOB the feedlot. For the middle of July, Western Canadian steer carcass weights are 22 pounds heavier than last year.

Last week, the Canfax feeder steer and heifer price closed the week $13–$26/cwt lower. Over the past three weeks, heifers weighing 500–800 pounds have declined $30–$38/cwt, trading at the lowest point since January. The forward delivery calf market was lightly tested last week. AB/SK steer calves for October/November delivery traded from $662–$759/cwt with a weighted average price of $724/cwt based at 524 pounds, down $20/cwt compared to the previous week. Forward delivery calf prices are trading at a premium over the spot market. Alberta auction volumes were just over 10,000 head, 5,000 head smaller than last year.

Last week, Alberta D2 cows traded $2.50/cwt lower averaging $248/cwt with a range from $220–$276/cwt. D3 cows averaged $223/cwt. From their highs in early July, cow prices have declined $10/cwt. Butcher bulls traded $2.25/cwt lower, averaging $285/cwt, with a range from $220–$330/cwt.

Bull

• The Canadian beef retail price for May is 11 per cent higher than last year.
• Last week’s Alberta/Nebraska cash-to-cash basis was the strongest since the summer of 2023.
• U.S. pork cutout values have rallied, trading at the highest point this year.

Bear

• For the middle of July, Western Canadian fed slaughter was the smallest since 2016.
• For the fed market, it is possible annual price highs, and quite possibly cycle highs, are in our rear-view mirror.
• July 1st cattle on feed inventories in the Pacific Northwest (California, Idaho and Washington state) are 40,000 head larger than last year.