This cattle market information is selected from the weekly report from Canfax, a division of the Canadian Cattlemen’s 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 prices keep rising
New record-high prices were seen yet again in the western Canadian fed market on the week ending Sept. 12.
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The Western Producer Livestock Report – September 25, 2025
The U.S. national live price average for barrows and gilts was $81.21 Sept. 17. It was $78.37 Sept. 9. U.S. hogs averaged $106.71 on a carcass basis Sept. 17, up from $106.10 Sept. 9.
Alberta fed steers brought $317.26 per hundredweight, $3.87 per cwt. stronger than the previous week . Fed heifers inched only a little higher, rising $0.56 per cwt. to close the week at $311.69 per cwt.
Compared to the highs set this summer, fed cattle are now trading $11.44-16.12 per cwt. higher.
Dressed sales were $525-527 per cwt. delivered, steady to $2 per cwt. higher than the previous week . Cattle were scheduled for first half of October delivery.
Interest from U.S. packers was supportive, with light volumes of cattle marketed to the United States. Live sales saw prices around $320 per cwt. f.o.b. the feedlot.
Canadian fed cattle and cow exports to the U.S. for the week ending Aug. 30 were 9,331 head, five per cent higher than last year. This was the first time in eight weeks that exports were higher than 2024 volumes.
Active trade was reported in Ontario, with dressed sales fully steady with the previous week at $542 per cwt. delivered. Cattle were scheduled for delivery the weeks of Sept. 15 and Sept. 22.
Cow prices stable
Despite non-fed volumes sold through commercial facilities being lighter than usual, cow prices are remaining stable, bringing around $220 per cwt.
However, cow prices are still below their highs set in June, and they are at a discount to the U.S. market.
For the week ending Sept. 12, D2 cows in Western Canada averaged $222.95 per cwt., while D3 cows brought $203.59 per cwt. Prices have been tougher lately for older D3 cows.
It’s anticipated that the western Canadian cow market could see more interest from U.S. packers in the next weeks.
Western Canadian cow slaughter in August was the lowest since 2012. Analysts expect non-fed volumes to increase in September, but with strong margins for cow-calf producers, we may not see a large fall cow run.
In Ontario, D2 cow prices averaged $222.98 per cwt., and D3 cows brought $181.79 per cwt.
Feeder market demand strong
All classes of feeder cattle saw continued strong demand the week ending Sept. 12, with prices moving higher and setting new highs in some cases.
While the majority of the cattle on offer that week were yearlings, some calves have begun to hit the market.
Feeder prices in Alberta closed ground with the market in Eastern Canada and were trading at a premium. Manitoba yearlings were reported to be moving west to be finished in Alberta.
Steer calves between 600-699 pounds for delivery in October and November averaged $637 per cwt. at 635 lb.
Alberta 750 lb. steers for January to March delivery traded in the mid-$560 per cwt. range, which was at a premium over the spot market. Based on this, the cash-to-futures basis for 750 lb. steers was about +102, the strongest basis on record for the first quarter.
Steers weighing 850 lb. brought more than $500 per cwt. Analysts predict heavier-weight feeder prices are closing in on annual highs from a seasonal perspective.
Cutouts ease lower
U.S. cut-out prices softened during the week ending Sept. 12, reflecting a seasonal trend.
Choice prices eased by almost $13.50 per cwt., while Select softened by almost $8 per cwt.
Choice prices are $93 per cwt. stronger than at this time last year, and Select prices are $86 per cwt. higher.
From looking at the five-year average, cut-out prices tend to be lower by eight to nine per cent from the second half of August to the first half of October.
The Choice-to-Select spread was about $21 per cwt., which was $8 per cwt. wider than in 2024.
