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

Alberta fed steers and heifers closed the week at $303.00/cwt and $301.00/cwt respectively, steady with the previous week. Dressed sales were reported from $505.00–508.00/cwt delivered, mostly at $508.00/cwt, also steady with the previous week. Competition on the cash market was limited. Cattle that traded were scheduled anywhere from immediate to the second half of February delivery. U.S. interests were noted but no sales were confirmed. Seasonally, Alberta fed prices should strengthen in the near term. In the past decade, the strongest rally from January to February are all recorded in recent years with 2023 +7.97/cwt, 2024 +6.68/cwt, and 2025 +7.89/cwt.

Last week, Alberta auction volumes were 31,770 head. Volumes were larger than last week but smaller than the same week last year. Canfax average feeder steers and heifers closed the week $4.00–5.00/cwt higher. For the first three weeks of January, Alberta 550-pound steer calves are just shy of $660.00/cwt, $20.00/cwt shy of their October 2025 high. Steer 850-pound calves are at $500.00/cwt, within $2.00/cwt of their October high. Western Canadian buying interest for calves for the 2026 grazing season appears to be picking up.

Since the start of the year, butcher cow prices have been trading on either side of $220.00/cwt. Over the past couple of weeks, there have been few grain-fed cows on the market and there is little, if any, premium being paid compared to run-of-the-mill cows. If anything is fetching a premium, it is feeder-type cows and younger cows that could be re-bred this summer. From a seasonal standpoint, higher prices are still in front of us. Over the past five years, the average increase from January to February stands at 8 per cent. Butcher bulls over the past couple of weeks, on average, have been trading at a $5.00–8.00/cwt premium over the cow market. This is the narrowest spread in a year. Last year, butcher bulls were at a $16.00/cwt premium over the cow market.

Bull

• Based on the AB/SK cattle on feed data, third-quarter 2025 placements of feeders over 800 pounds were lower than 2024, which should support the first-quarter fed market
• Western Canadian buying interest for calves for the 2026 grazing season appears to be picking up
• Cow prices are expected to strengthen and overtake last year’s high

Bear

• Canadian steer carcass weights remain record large
• Alberta heavyweight feeders were under price pressure
• For the fed market, competition on the cash market was limited and no U.S. sales were confirmed