Canfax Weekly Article | Report for the week of September 15, 2025

Since the beginning of July, fed prices have rallied $18/cwt and have again established new record highs. Last week, the Canfax average fed steer and heifer price closed around $315/cwt live, $2/cwt higher than the previous week. Light trade was reported last week with dressed sales reported from $518.00–526.50/cwt FOB the feedlot. Buying interest was noted from all Western Canadian packers. Cattle that traded were scheduled for first-half October delivery. U.S. packer interest was noted, and light volumes of Western Canadian fed cattle were marketed south. Sales to the U.S. were at a premium over local deals.

Most of the cattle on offer were yearlings, but a few calves are starting to show up. Demand for all classes of cattle remains strong as calf and feeder prices continue to move higher, setting new record highs. Last week, the Canfax average feeder steer and heifer price was $16–18/cwt higher. Week over week, the largest price increase was on calves and light-weight stockers, with prices advancing $30/cwt. Alberta steer calves are trading $255/cwt higher than last year, while heavier weight feeders are $150/cwt higher than a year ago. Last week, 600–699 pound steers for October/November delivery traded from $611–663/cwt, averaging around $637/cwt. Forward delivery prices are at a premium over the spot market. Alberta auction volumes were just over 25,000 head, smaller than last year. Canadian feeder cattle exports to the U.S. for the week ending August 30th totaled 2,014 head.

Last week, Alberta D2 cows traded $1/cwt higher, averaging $223/cwt with a range from $205–257/cwt. D3 cows averaged $203.50/cwt. For the month of August, Western Canadian cow slaughter was the smallest since 2012. Butcher bulls traded $3/cwt higher, averaging $236.50/cwt, with a range from $200–266/cwt. Canadian butcher bull exports to the U.S. for the week ending August 30th were 780 head.

Bull

• Canadian beef exports for the month of July were 10 per cent higher than last year
• The all-fresh beef retail price for the month of August was a record high at $9.18/lb
• Last week’s Alberta/Saskatchewan September 1st cattle on feed report should be viewed as slightly bullish

Bear

• Forward delivery beef sales load counts for 22–90-day delivery have been well below year-ago levels
• Since the end of August, the nearby live cattle contract has declined 4 per cent, or $10/cwt
• The Western Canadian cow market has underperformed relative to the fed cattle market