Canfax Weekly Article | Report for the week of September 1, 2025

Fed prices continue to advance, setting new record highs. Last week, the Canfax average fed steer and heifer price closed around $307/cwt live, $5/cwt higher than previous week. Light trade was reported last week with dressed sales reported from $508.00–518.50/cwt FOB the feedlot. Buying interest was noted from all Western Canadian packers. Cattle that traded were scheduled for the second half of September delivery. U.S. packer interest was noted, and light volumes of Western Canadian fed cattle were marketed south. These cattle will be priced off the five-area average. Last week’s Alberta fed cash-to-futures basis was reported at -24.03. For the end of August, this is the third weakest basis on record.

Summer 2026 (June/August) live cattle contracts have rallied $18/cwt over the past month, establishing new contract highs. In addition, barley prices are also trading at the lowest point in one year. This has supported the calf and feeder market. Last week, the Canfax average feeder steer and heifer price was $10–13/cwt higher. Week over week, the largest price jump was on steers weighing from 600–800 pounds with prices advancing $16–19/cwt. Over the past month, feeders weighing over 900 pounds have rallied $30/cwt. Alberta auction volumes were just over 27,000 head, 7,000 head smaller than last year. Canadian feeder cattle exports to the U.S. for the week ending August 16th totaled 2,649 head.

Last week, Alberta D2 cows traded $2/cwt lower, averaging $220/cwt with a range from $202–235/cwt. D3 cows averaged $203/cwt. Seasonally there have been a few more bulls on offer. Butcher bulls traded $4.75/cwt lower, averaging $240/cwt, with a range from $215–265/cwt. Canadian butcher bull exports to the U.S. for the week ending August 16th were 824 head.

Bull

• U.S. pork cutout values are trading 17 per cent higher than last year
• Western Canadian cow slaughter volumes were the smallest seen this year
• For the first half of the year, Canadian pork exports are up 4 per cent in volume and 10 per cent in value compared to 2024

Bear

• Beef demand tends to weaken into September as back-to-school and summer holiday bills come due
• Based on the five-year average, Alberta fed cash-to-futures basis levels historically weaken from August into September
• The U.S. Department of Health and Human Services reported the first human case associated with New World Screwworm coming from travel