Canfax Weekly Article | Report for the week of March 2, 2026

Since the start of the year, fed prices have rallied $22/cwt or 7 per cent. Last week, the Canfax average fed steer and heifer price closed around $319/cwt live, a new record high. Buying interest was noted from all Western Canadian packers. Light trade was reported with dressed sales ranging from $527.50–533.50/cwt FOB the feedlot. Cattle that traded were scheduled anywhere from immediate to mid-March delivery. U.S. packer interest was supportive and light volumes of Western Canadian fed cattle were marketed south. At the beginning of the year, Western Canadian fed prices were at a $15/cwt discount against the Ontario market. The price spread has narrowed, Western Canadian fed prices are now par with the East.

The Canfax feeder steer and heifer prices closed the week $3–6/cwt higher. All classes of cattle traded higher except lighter weight steer and heifer calves. The largest week-over-week price increase was at 5–600 pound steers with prices strengthening $16/cwt, setting new record highs. Feeders over 800 pounds traded $4–11/cwt higher, prices are roughly $120/cwt higher than last year. Last week, AB/SK heifers weighing 950–1,025 pounds for September delivery traded from $444–460/cwt. Alberta auction volumes were just over 28,000 head, 10,000 head larger than last year. Canadian feeder cattle exports to the U.S. for the week ending January 31st totaled 1,634 head.

Last week, Alberta D2 cows traded $0.50/cwt lower, averaging $233.50/cwt with a range from $210–255/cwt. D3 cows averaged $212/cwt. YTD Western Canadian cow slaughter is 20 per cent below last year. Butcher bulls traded steady, averaging $242/cwt, with a range from $200–289/cwt. Canadian slaughter bull exports to the U.S. for the week ending February 14th totaled 280 head.

Bull

• The Canadian government announced an expansion of market access for Canadian beef and pork products in Indonesia. Canadian exporters are now able to ship over-thirty-month bone-in beef, and for the first time pork and pork products
• For January/February, Canadian AAA and Prime grading have been running 84–86 per cent, a record high for this time of the year
• Based on the three-year average, Alberta fed basis levels historically strengthen from February to March

Bear

• U.S. beef exports struggled during the second half of 2025, a big driver behind lower exports was China with annual beef exports down 67 per cent
• Talks are likely ongoing between the union and management at the JBS Greely, CO beef plant. Both parties seem far apart on reaching a deal
• Wholesale beef prices have struggled and U.S. packer margin losses are historically large