This cattle market information is selected from the weekly report from Canfax, a division of the Canadian Cattle Association. More market information, analysis and statistics are available by becoming a Canfax subscriber by calling 403-275-5110 or at www.canfax.ca.
Fed market fluctuates
Cash trade was hard to come by last week. Alberta steers averaged $373.50-$376.50 per hundredweight, $6-$7 per cwt lower than the previous week. Live weighted average prices in Alberta were steady to $4 per cwt. lower, with steers at $224.96.
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Canfax cattle market report – August 21, 2025
The Canfax cattle market report for August 21, 2025. Fed & feeder cattle prices, butcher cow trends, and cutout market insights.
Packers appear well positioned with cattle moving through December and are booking cattle four to seven weeks out. Over the previous week, the futures market fell $5-$8 per cwt. depending on delivery month. There are reports that some feedlots have removed themselves from the cash market until the bleeding stops, or at least slows considerably.
Ontario steers drifted lower last week and were steady to $10 per cwt. lower than prices reported three weeks ago, ranging from $385-$388 per cwt. delivered. At $388 per cwt. delivered, last week’s average price for Ontario heifers was $7 per cwt. lower than trade the last week of September at $395.
Two weeks ago, steer carcass weights in the west popped a considerable 22 pounds heavier than the week before to 977 lb. This is the heaviest weight this year and 39 lb. heavier than the five-year average for the same week.
Ontario steer carcass weights moved lighter, down 14 lb. from the same week last year and three lb. lighter than the five-year average to 962 lb. Western Canadian steer carcass weights have been as heavy as their Ontario counterparts for eight of the last 10 weeks.
In the U.S., heavy bleeding took over the futures market last week. Panic selling was largely blamed on perceived manipulation of the Livestock Risk Protection insurance. Live cattle futures closed US$2-$3/cwt. higher by Dec. 8.
Steer carcass weights ticked up another four lb. last week, to 940 lb. Weekly slaughter volumes estimated to be 635,000 head, are four percent smaller than the same week last year, but are two percent higher than the five-year average. This is the first time since late April that slaughter volumes have moved above the five-year average.
Cow prices rise
The cow market has been right on seasonal cue, bottoming in late November and strengthening into December. Last week butcher cows traded $5-$7 per cwt. higher through commercial auction facilities and rail prices have strengthened as well. D2s averaged $129.13 and D3s averaged $112 per cwt.
Premiums were noted if cows could be delivered during the holidays or in early January.
Western Canadian cow slaughter for the month of November was seven percent larger than last year, and the largest November cow slaughter since 2019. The weak point in the non-fed market was butcher bulls, trading $3 per cwt. lower and hitting the lowest point since March.
Eastern Canadian cows traded $5 per cwt. lower last week. Seasonally Eastern Canadian cow prices usually don’t strengthen into December like prices do in the West.
Feeder basis strengthens
Despite the sharp pull back on the futures market, calf and feeder prices fared better than expected and basis levels strengthened.
Last week’s Alberta 850 lb. feeder cash-to-futures basis was reported at +$15.72/cwt. For the beginning of December, this is the strongest cash-to-futures basis in over 15 years. Last week the largest price jump was on heifer calves with prices advancing $4-$9 per cwt. Alberta 550 lb. steers have been fairly stable over the past seven weeks averaging in the low to mid $380s per cwt.
Alberta calf prices are at a $16 per cwt. premium against the U.S. market. This could encourage imports of U.S. calves/feeders. Alberta and Ontario heavier weight feeder prices have been moving in opposite directions. Alberta 900 lb+ steers are trading at the lowest point since June, whereas Ontario 900 lb+ steers are hovering near annual highs.
Averaging on either side of $300 per cwt., Ontario 900 lb+ steers have been trading at roughly a $20 per cwt. premium against the Alberta market.
Demand for bred stock has been much better compared to the past couple of years. A high percentage of the bred cows and heifers on offer are finding homes. Last week bred cows traded from $2,220-$3,900/head averaging $2,850. Later calving cows for May-June are trading at a discount compared to cows calving from February-April.
Cutouts down slightly
In U.S. beef trade, cutouts closed the week at US$289.84 per cwt., down three percent from the previous week. Select was $258.83/cwt., down two percent.
