Canfax Weekly Update: Report for the week of November 2, 2026

The Canfax average fed steer and heifer price closed around $296.25/cwt live, steady to a little stronger than the previous week. Leverage continues to favour the packing sector. Last week, dressed sales were reported from $490.75–$497.00/cwt FOB the feedlot. Cattle that traded were scheduled for delivery throughout the month of December. U.S. packer interest was noted, and light volumes of Western Canadian fed cattle were marketed south. These cattle will be priced off the five-area average. Last week’s Alberta fed cash-to-futures basis was reported at -19.02, steady with the five-year average.

Last week, the Canfax feeder steer and heifer price closed the week $6–$8/cwt higher. Week over week, the largest price increase was on 600–700 pound heifers with prices up $20/cwt. Demand for seedstock heifers was noted with premiums being paid this week. The yearling market has not seen the strength that the calf market has. Alberta 850 pound steer/heifer prices are currently $5/cwt shy of their recent lows back in late August. The calf run is kicking into full gear; calf numbers have seasonally increased, but volumes have been manageable. From a logistical standpoint, trucks have been able to keep up, with calves moving from auction marts to feedlots/background yards in good time. Alberta auction volumes were just over 87,000 head, 4,000 head larger compared to last year. For the week ending October 17th, Canadian feeder cattle exports to the U.S. totaled 2,811 head.

Seasonally, non-fed volumes have increased. Demand for feeder cows remains good, while the weak spot in the market is older cows. Last week, Alberta D2 cows traded $1/cwt higher, averaging $214.50/cwt with a range from $185–$249/cwt. D3 cows averaged $188.50/cwt. In general, cows are trading $2–$7/cwt lower compared to last year. Butcher bulls traded $2/cwt higher, averaging $233.50/cwt, with a range from $190–$281/cwt. For the week ending October 17th, Canadian butcher bull exports to the U.S. totaled 595 head.

Bull

• Alberta fed basis levels historically strengthen from October to November.
• U.S. packer interest on the Western Canadian cash market has been supportive, and cattle are being picked up rather timely.
• Choice ribs continue to hold at record high levels.

Bear

• General weakness in the U.S. stock market pressured the cattle complex. On Friday, feeder cattle contracts closed over $10/cwt lower.
• The Columbus, New Mexico, port reopened to Mexican feeder cattle last week. U.S. imports of Mexican feeder cattle have steadily increased over the past month.
• U.S. 50 per cent trim prices are at the lowest point this year.