Canfax Weekly Article | Report for the week of March 31, 2025

Alberta fed prices continue to rally for the fourth consecutive week, making a new high with fed cattle trading in the low $280s/cwt, $9-12/cwt stronger than the previous week. Dressed sales were reported from $455-$460/cwt delivery, $5/cwt higher than previous week. All three Western Canadian packers bought cattle. Cattle that traded were scheduled to be picked up anywhere from 1-5 weeks. U.S. interest was noted with premium over local deals, sales to the U.S. were from $285-292/cwt FOB the feedlot. All cattle traded to the U.S. are scheduled to be delivered before April 2nd.

Last week, Alberta auction volumes at 50,207 head, were the largest weekly volumes recorded this year and the highest for the same week since 2004. Canfax average feeder steers closed the week $2/cwt higher, while heifers had a stronger rally, trading $12/cwt higher than the previous week. Over the past decade, 750 pound steer prices have rallied on average of 6 per cent from March to May in eight of ten years. This week, there were a few 750-775 pound steers that traded for May delivery with prices comparable with the spot market, not pricing in the 6 per cent increase, which is not surprising given the April 2nd deadline for more tariff announcements. Eastern Canadian buyers have been active on the Western Canadian stockers and feeder market. Feeder cattle that would normally come into Alberta are now going into the U.S. or Eastern Canada for finishing.

Last week, Alberta D2 and D3 cows traded $3.00/cwt stronger than the previous week, establishing new record highs and trading stronger for the fourth consecutive weeks. Since the start of the year, cow prices have rallied 12 per cent, this is the smallest first quarter price rally in four years. Seasonally non-fed supplies are tightening, and leverage should favor the cow-calf producers.

Bull

• In 7 out of the last 10 years, from March to April, Alberta fed steers have traded on average 4 per cent stronger
• Alberta cow’s and bulls continue their spring rally
• Nearby, live cattle futures put in new annual high at $208.83/cwt and feeder cattle futures hovering near previous highs at $286.93

Bear

• April 2nd remains the deadline for U.S. tariffs
• Alberta cash-to-futures basis remains weaker than the five-year average for the fourth consecutive week
• U.S. steer carcass weights are 25 pounds heavier than last year