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 price rise ends
Since the start of January, fed prices have rallied 33 percent. This is the third largest first-half-of-the-year price rally over the past 50 years. The only years to see a larger rally were 1979 and 1983.
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Canfax Cattle Market Report – July 17, 2025
The western Canadian fed market pulled back slightly during the week ending July 11, but prices are still within $5 per hundredweight of June’s record highs.
The fed market recently exhausted its climb, and prices have declined by about $8 per hundredweight over the past three weeks. The last time fed prices declined for three consecutive weeks was in October 2021, which highlights how strong the fed market has been.
From a seasonal perspective, the pullback in price is not surprising because fed supplies tend to increase throughout the third quarter. Over the past 10 years, the average decline from first-half-of-the-year highs to second-half-of-the-year lows stands at 18 percent.
Overall, North American fed cattle supplies remain tight, while demand has been strong. Lift times have started to stretch as packers have more cattle around compared to a month ago. Last week, dressed sales were reported from $401-$404 per cwt. delivered. Most of the cattle that traded were scheduled for early August delivery.
Despite lower prices, fed prices and basis levels are strong and feedlot margins are positive. In Ontario, dressed sales ranged from $395-$405 per cwt. delivered, steady to $5 per cwt. lower than the previous week. Cattle were being booked for the week of July 31 delivery.
In the U.S., dressed sales in Iowa and Nebraska ranged from US$290-$295 per cwt., steady to $1 per cwt. higher. Live sales in the northern states were from $184-$186 per cwt., steady to a little stronger.
American beef exports for May were 16 percent lower than last year, with less beef being shipped to Japan, South Korea and China.
Cow prices rise
Non-fed prices firmed modestly higher last week despite ample offerings. D2 prices were $1.50 per cwt. stronger than the previous week, averaging $155 per cwt., and D3 cows were $1 per cwt. stronger at $139.21 per cwt.
Dressed cow bids continued sideways at $298-$305 per cwt. delivered. Butcher bull prices traded fully steady with the previous week at an annual high of $163.33 per cwt.
Western Canadian non-fed slaughter for the week ending July 8 firmed three percent larger than the previous week at 6,789 head and year-to-date was seven percent larger, totalling 199,881 head.
Spotty precipitation and deteriorating pasture conditions will move a few more pairs to market. Slaughter cow prices should trend generally steady on good demand despite increased volumes.
Boosted auction volume
Auction offerings typically hit annual lows around mid-July, but volumes have trended seasonally larger than a year ago over the past six weeks. Auction volumes were enhanced as dry pasture conditions moved grass cattle to market three to four weeks early and a few more cow-calf pairs were split.
Mid-weight steer calves from 500-700 pounds rallied more than $5 per cwt. higher last week on improved quality and lot size. A slight premium was observed for deferred October delivery for all types of feeders last week.
Weekly auction volumes were generally steady with the previous week at 15,749 head and were 88 percent larger than the same week last year. Year-to-date auction volumes were up nine percent from a year ago, totalling 684,879 head.
Canadian feeder exports to the U.S. for the week ending July 1 slid 26 percent lower than the previous week to 2,503 head and were 23 percent larger than the same week last year. Year-to-date feeder exports were 41 percent lower than year ago totalling 79,273 head.
The July Canfax Trends Report projects better feeding opportunities for 550 lb. July placed steer calves compared to 850 lb. yearling steers. Assuming no risk management, moderate losses are anticipated for both types of feeders with steer calves estimated around $52 per head offside and yearlings around $177 per head in the red.
Deteriorating pasture conditions are expected to flush a few more grass cattle to auction, and a few more weaned calves will be on offer.
U.S. cutouts slide
In U.S. beef trade, Choice cutouts continued their slide down the backside of this spring’s peak. Choice cutouts are down 4.1 percent from the previous week to US$306.91 per cwt. Select cutouts are down 3.4 percent at $280.18 per cwt.
