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.
Packers seek cattle
Leverage is beginning to tilt toward the cattle feeder. Lift times have tightened over the past few weeks and two western Canadian packers were looking for cattle.
Read Also
One Beer Market Updates Day 3 – Lentils and beef
Day 3 of the One Beer Market Update at Ag in Motion 2025.
From their lows in late October, fed prices have rallied three per cent. Over the past five years (excluding 2023), the average increase from the second half of the year lows to second half of the year highs stands at 11 per cent. Using an historical increase, this would put fed prices on track to peak in the mid $260s per hundredweight.
Last week, dressed sales were at mostly $415 per cwt. delivered. Cash sales to the United States have recently been at a premium over local deals, but no negotiated cash sales to the U.S. were confirmed. This is part of the reason weighted average prices were steady to $1 per cwt. lower.
Over the past two months, the Alberta fed cash-to-futures basis has averaged minus $16 per cwt., in line with 2014 levels.
After lighter weekly slaughter in late October and early November, youthful cattle slaughter has increased in Western Canada. In addition, Canadian fed cattle shipments to the U.S. continue to be strong.
In the U.S., dressed sales in Iowa and Nebraska were US$295-$297 per cwt., steady to a little stronger than the previous week. Live sales in the north were steady to $1 per cwt. lower. Southern regions were steady to $1 per cwt. higher.
Seasonally larger cow slaughter volumes and larger overseas beef imports have weighed on the trim market, where prices are the lowest since March.
U.S. beef imports in October were 35 per cent larger than last year. Australia was the top beef supplier to the U.S. in October. Year-to-date beef imports from Australia are 76 per cent larger than last year.
Cull cows rise
Cull cows through commercial auction marts in Alberta found some tailwinds last week, ending the week C$3-$7 per cwt. higher than the previous week. D2s averaged $171.69 and D3s averaged $162.32 per cwt. Butcher bulls were fully steady, averaging $188.02.
The five-year average shows a stronger cull cow market in Alberta between now and the end of the year, suggesting higher prices may be in the cards over the next two to three weeks.
In Ontario, cull cows were steady to $1 per cwt. stronger. December has historically been a challenging month for cull cows in Ontario, with the five-year average softening through December.
After a larger week, western Canadian non-fed slaughter was around 900 head to 6,941 head for the week ending Nov. 30, the smallest weekly volume since 2004. Eastern Canadian non-fed slaughter was 2,269 head, the second smallest since 2017.
Feeders on fire
In the feeder market, for the week ending Dec. 6, Alberta auction volumes were 40,803 head, 30 per cent higher than last year. This was the sixth consecutive week of larger volumes compared to last year.
The feeder market remains on fire, with calf prices setting new record highs. Lightweight 300-400 pound steers reached a new high of $571.25 per cwt., trading $10.92 per cwt. higher than the previous week and making it 12 consecutive weeks of stronger prices.
From September to November, prices have rallied $67.61 per cwt. For the past decade, this is the strongest rally recorded.
Heifer calves weighing 400-500 lb. had the strongest rally, trading $17.10 per cwt. higher than the previous week, also setting new highs at $480.91 per cwt. From January to November, a $113.12 per cwt. rally has been the strongest in the past decade, with only 2014 coming close at $110.89 per cwt.
Last week, bred heifers rallied to $4,928 per head, with a range of $3,000 to $6,600 per head. Bred cows averaged $4,202 per head, with a range of $2,300 to $5,700 per head. Volumes of bred cattle going through auction markets have been lighter compared to last year.
Forward delivery sales in November for steers 800-900 lb. for February and March delivery were priced at $347.79 per cwt. and $348.99 per cwt., respectively.
For the week ending Nov. 23, Canadian feeder cattle exports to the U.S. were 2,084 head, down 31 per cent from last year. For Western Canada, this was the smallest weekly feeder exports in the last 12 weeks.
Year-to-date feeder exports, at 141,619 head, are down 14 per cent from last year and the smallest for the same time period since 2021.
Cutouts fluctuate
In U.S. beef trade, Choice cutouts were at US$307.84 per cwt. Select cutouts closed just above $277 per cwt.
