Canfax Weekly Article | Report for the week of Oct. 26, 2026

Alberta fed steers and heifers closed the week $1.00/cwt lower than last week. Fed prices have been moving sideways for the last five weeks. Seasonally, Western Canadian fed prices are expected to continue to move sideways through November with a slight pickup in December. Dressed sales were reported from $490.00–$500.00/cwt delivered, steady to $10.00/cwt lower than the previous week. For the week ending October 17th, Western Canadian steer carcass weights are only 14 pounds shy of the record highs set in November of 2025. Western Canadian fed slaughter was 38,914 head, up 1 per cent from last year and 4 per cent below the five-year average. Weekly slaughter is below 40,000 head for the first time in five weeks. YTD Western Canadian fed slaughter remains 2 per cent below last year.

Seasonally large auction volumes over the past few weeks may be putting some price pressure on the calf and feeder market. Last week, Alberta auction volumes were 60 per cent larger than the same week last year and 50 per cent above the five-year average. Furthermore, this was the third consecutive week that volumes were larger than both last year and the five-year average. Average feeder steer and heifer prices closed the week $7.00–$10.00/cwt lower. Estimated actual feedlot margins (on the cash market with no risk management) have been in the red over the past couple of months in both the West and the East, which is likely to lead to increased discipline when buying feedlot replacements.

Non-fed supplies have started to seasonally increase, and packers have gained leverage. October is traditionally a tough month for the non-fed market, and this year is no different. Butcher cows have traded lower for the past two weeks, dropping $5.00/cwt. Averaging in the $213.00/cwt area, D2 cow prices are within $3.00/cwt of their recent lows. Alberta cows are trading at a slight premium against the U.S. market. Western Canadian cow slaughter has been very consistent over the past month, averaging around 5,300 head per week. Cow slaughter volumes continued to run above last year.

Bull

• USDA October 1st cattle on feed should be viewed as bullish as placements were at the bottom end of trade estimates.
• Alberta cows are trading at a slight premium over the U.S.
• Alberta auction volumes are 60 per cent larger than last year and 50 per cent above the five-year average.

Bear

• Western Canadian steer carcass weights are near record highs.
• Non-fed supplies have started to seasonally increase.
• The Alberta cash-to-futures basis is the weakest it has been this year.