Canfax Weekly Article | Report for the week of October 20, 2025

Western Canadian and U.S. prices have been moving in opposite directions as of late. Weighted average fed prices closed $1.00–$2.00/cwt lower in Western Canada last week. Very light dressed sales were reported from $505.00–$508.00/cwt delivered. Competition on the cash market was limited, with one major packer not bidding. Cattle that traded were scheduled for delivery anywhere from mid-November to early December. U.S. interest was noted, with light volumes of Western Canadian fed cattle marketed south. These cattle will be priced off the five-area average. The Alberta fed cash-to-futures basis was reported at -38.60, the weakest cash-to-futures basis since the summer of 2004.

Last week, Alberta auction volumes were 51,823 head, down 27 per cent from the five-year average. Volumes have run below the five-year average in eleven out of the past twelve weeks. For the month of September, auction volumes at 143,725 head were down 33 per cent from the five-year average and were the second smallest in the last decade, with only 2016 being smaller. Year-to-date volumes remain 6 per cent below last year. The Canfax average feeder steer and heifer prices closed the week $6.41/cwt and $11.41/cwt stronger respectively. The biggest rally was noted on lightweight steer and heifer calves weighing 300–500 pounds, up $14.99–$32.42/cwt from the previous week. Alberta 550-pound steers in September traded at the largest premium of the year compared to the U.S. at $67.41/cwt, surpassing the previous high of $32.90/cwt in January. Alberta 850-pound steers are also trading at the highest premium of the year at $24.37/cwt compared to the U.S.

Last week, Alberta D2 and D3 cows through commercial auction facilities were $2.00–$3.00/cwt softer than the previous week and are showing signs of seasonal pressure. Feeder cows traded $9.00/cwt softer than the previous week, with butcher bulls easing $5.00/cwt lower. Railgrade cows ranged from $410.00–$420.00/cwt, down $18.00/cwt from last week. At least one packer may have been off the cow market this week.

Bull

• The feeder market continued to remain fundamentally strong with good interest. Alberta 550-pound and 850-pound steers are $2.00/cwt and $6.00/cwt away from record highs
• For the month of August, Western Canadian cow slaughter was 35 per cent below the five-year average
• Stronger U.S. cash prices were noted last week

Bear

• President Donald Trump announced that his administration will be working on lowering beef prices
• Alberta cash-to-futures basis was reported at -$38.60/cwt, the weakest since the summer of 2004
• Over the past month, Choice cutout values have dropped over $50.00/cwt