Canfax Weekly Article | Report for the week of November 10, 2025

Last week, the Canfax average fed steer and heifer price closed around $294.50/cwt live, $4.50/cwt lower than the previous week. From their highs in September, fed prices have declined $22/cwt. Light trade was reported with dressed sales from $490.25–496.00/cwt FOB the feedlot. All Western Canadian packers bought cattle, but competition on the cash market was limited. Cattle that traded were scheduled for December delivery. In some instances, cattle were bought flat with no heavy-weight carcass discounts. U.S. packer interest was noted, and light volumes of Western Canadian fed cattle were marketed south, priced off the five-area average.

Last week, the Canfax average feeder steer and heifer prices were $18/cwt lower. The largest week-over-week decline was on lighter calves from 300–500 pounds, down $20–38/cwt. Over the past four weeks, 850-pound steers have fallen $32/cwt, hitting their lowest point since August. The forward delivery market was lightly tested, with 800–899-pound heifers for January–March 2026 delivery trading on either side of $440/cwt. Alberta auction volumes totaled just over 85,000 head, 3,000 head larger than last year. Canadian feeder cattle exports to the U.S. for the week ending October 25 totaled 2,143 head, the largest weekly volume since July.

Non-fed volumes have increased over the past couple of weeks; from a supply perspective, the market is working through peak numbers. Last week, Alberta D2 cows traded $3/cwt lower, averaging $212/cwt with a range from $180–238/cwt. D3 cows averaged $191.25/cwt. Butcher bulls traded $4.50/cwt lower, averaging $229.40/cwt with a range from $195–260/cwt. Canadian butcher bull exports to the U.S. for the week ending October 25 were 921 head.

Bull

• Seasonally, fed calf supplies should be declining
• U.S. and Canadian beef production in 2026 is expected to be down slightly compared to 2025
• For the second half of October, Canadian Prime/AAA grading is holding at or near record highs

Bear

• In the coming weeks, beef featuring activity will seasonally decline as turkey features take center stage for Thanksgiving
• Based on the five-year average, November is traditionally the weakest fed basis month of the year
• Planned maintenance and system upgrades have resulted in lighter Western Canadian slaughter rates