Canfax report for the week of November 24, 2025

Last week, the Canfax average fed steer and heifer price closed around $293/cwt live, $2/cwt lower than the previous week. Fed prices are at the lowest point since May. Light trade was reported with dressed sales from $487.50–493.50/cwt FOB the feedlot. All Western Canadian packers bought cattle, but competition on the cash market was limited. Cattle that traded were scheduled for delivery in the second half of December. Over the past couple of weeks, producers have been negotiating flat bids with no heavy-weight carcass discounts, while others have requested carcass weight discounts be moved up to 1,100 pounds. U.S. packer interest was noted last week, and light volumes of Western and Eastern Canadian fed cattle were marketed south.

Last week, the Canfax average feeder steer and heifer prices were $14–16/cwt lower. Over the past month, Alberta 550-pound steer prices have dropped $41/cwt, while same-weight heifers have declined $29/cwt. Calf and lightweight stocker prices are trading at the lowest point since late August and early September. Feeders over 900 pounds traded $4/cwt lower last week, but prices remain $105–110/cwt higher than a year ago. Over the past couple of weeks, there have been a few more preconditioned calves on offer, but calves weaned for 20–30 days are bringing no premium over freshly weaned calves. Alberta auction volumes totaled just over 47,000 head, about 7,000 head smaller than last year. Canadian feeder cattle exports to the U.S. for the week ending November 8 totaled 2,247 head.

Alberta D2 cows traded $1.75/cwt higher last week, averaging $217.50/cwt with a range from $180–250/cwt. D3 cows averaged $192/cwt. Demand for bred cattle remains strong, and few if any bred cattle are entering the slaughter mix. Butcher bulls traded $1.50/cwt higher, averaging $231.75/cwt with a range from $193–267/cwt. Canadian butcher bull exports to the U.S. for the week ending November 8 were 878 head.

Bull

• USDA November 1 cattle-on-feed report should be viewed as friendly
• Canadian beef retail prices are holding above last year
• In 15 out of the past 20 years, Western Canadian fed prices have increased from November to December

Bear

• Western Canadian steer carcass weights are record large
• Over the past three weeks (week ending November 1–15), Western Canadian fed slaughter is down 18,000 head compared to last year due to scheduled plant maintenance
• President Donald Trump has removed the 40 per cent tariff on Brazilian goods (beef, coffee, cocoa, fruits, and others) that was imposed in July