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

Last week, the Canfax average fed steer and heifer price closed around $304/cwt live, $2/cwt higher than the previous week. Over the past two months, fed prices have rallied $20/cwt. Light trade was reported with dressed sales ranging from $505.25–506.50/cwt FOB the feedlot. Cattle that traded were being scheduled anywhere from immediate to late February delivery. U.S. packer interest was supportive, and light volumes of Western Canadian fed cattle were marketed south. Sales to the U.S. were working back on either side of $305.50/cwt FOB the feedlot. Over the past couple of weeks, there have been reports fed cattle from Saskatchewan are being shipped into Eastern Canada for slaughter.

The Canfax steer and heifer price closed the week $9/cwt higher. Since the beginning of January, the largest price jump has been in the calf market, with prices advancing $30/cwt, while heavier weight feeder prices have chipped mostly sideways. Alberta 550-pound steer and heifer prices are back to within $5/cwt of their highs set back in October. The forward delivery market was lightly tested; AB/MB heifers weighing 800–899 pounds for March/April delivery traded from $470–479/cwt. Prices are roughly $20/cwt higher compared to the first part of January. Alberta auction volumes totaled just over 22,000 head, 20,000 head smaller than last year. Canadian feeder cattle exports to the U.S. for the week ending January 17 totaled 2,066 head.

Last week, Alberta D2 cows traded $1/cwt higher, averaging $221/cwt with a range from $190–240/cwt. D3 cows averaged $200/cwt. Over the past couple of weeks, Western Canadian cow slaughter has been averaging around 6,400 head per week, the largest slaughter in nearly one year. Butcher bulls traded $1/cwt higher, averaging $229.50/cwt, with a range from $200–259/cwt. Canadian slaughter bull exports to the U.S. for the week ending January 17 totaled 532 head.

Bull

• The January 1 cattle inventory report should be viewed as slightly bullish
• Canadian beef exports for the month of November were 5 per cent larger than last year
• Last week, U.S. fed cattle prices were $5/cwt higher on a live basis; fed prices are within $5/cwt of their record high set back in August

Bear

• Since the start of the year, Western Canadian fed slaughter has been hovering at 36,000 head per week, suggesting one major packer is only running four days a week
• The Canadian dollar has picked up momentum, trading at the highest point since July
• In January, the U.S. consumer confidence index hit the lowest level in 11 years, which could see households become more cautious on spending