Canfax Weekly Report | Report for week of Sept. 8, 2026

The Canfax average fed steer and heifer price closed around $295/cwt live, $2.50/cwt lower than the previous week. Fed cattle prices have shifted to be below year-ago levels. This is the first time since the spring of 2021 that fed prices have traded below previous-year levels. Feedlots are facing record high breakevens for the balance of this year, and losses on the cash market are estimated to be anywhere from $400–$500/head. Light trade was reported last week with dressed sales ranging from $486.00–$492.25/cwt FOB the feedlot. Cattle that traded were scheduled anywhere from early October to early November delivery. U.S. packer interest was noted with light volumes of Western Canadian fed cattle marketed south. Western Canadian processing rates have increased but still remain below year-ago levels.

Last week, the Canfax feeder steer and heifer price closed the week $9/cwt lower. Heavier weight feeder prices are trading below last year, while calves and light weight stocker prices are higher than last year. The yearling market has seen a counter-seasonal move lower with prices hovering near annual lows. This week, AB/SK steer calves weighing from 600–699 pounds for October/November delivery traded from $561–$636/cwt, averaging $589/cwt based at 652 pounds. Since late June/early July, forward delivery prices are down roughly $80/cwt. Alberta auction volumes were just over 26,000 head, 1,000 head smaller than last year. For the week ending August 22nd, Canadian feeder cattle exports to the U.S. totaled 1,683 head.

Last week, Alberta D2 cows traded $7/cwt lower averaging $223.25/cwt with a range from $200–$252/cwt. D3 cows averaged $200/cwt. From their highs in July, cow prices have dropped $34/cwt. Butcher bulls traded $14/cwt lower, averaging $255/cwt, with a range from $209–$300/cwt. For the week ending August 22nd, Canadian butcher bull exports to the U.S. totaled 784 head, 10 per cent lower than the same week last year.

Bull

• The Cargill plant in Fort Morgan, Colorado, is expected to be back operating next week.
• The July 1st Canadian cattle inventory report should be viewed as slightly bullish. Heifers kept back for breeding were up 5.7 per cent compared to last year.
• Based off the three-year average, Alberta fed basis levels historically strengthen from August to September.

Bear

• There has been a lot of talk and speculation over the past couple of days surrounding mandatory Country of Origin Labeling (MCOOL). From a Canadian perspective, this news is concerning and could potentially have an impact on the Canadian market.
• U.S. pork cutout values continue to struggle.
• For the end of August, Western Canadian fed slaughter is the smallest since 2016.