The U.S. national live price average for barrows and gilts was not available Feb. 17. It was $63.73 Feb. 10.

U.S. hogs averaged $88.23 on a carcass basis Feb. 17, up from $87.74 Feb. 10.

The U.S. pork cutout was $95.88 per hundredweight Feb. 17, up from $95.46 Feb. 10.

The estimated U.S. weekly slaughter to Feb. 17 was 0.954 million. It was 0.979 million the previous week.

Slaughter was 0.961 million last year at the same time.

In Canada, the Feb. 14 Signature Four price was $208.81 per 100 kilograms, up from $208.69.

The Feb. 14 Hams Marketing cash price was $206.81, while on Feb. 7 it was $206.69. HyLife was $221.67 this week and $222.06 Feb. 7. OlyWest was $213.30, up from $210.20 last week.

OlyWest 2021 was up, at $222.70, from $220.90, and HyLife’s adjusted price was $221.91 this week. On Feb. 7 it was $222.99.

BISON

The Canadian Bison Association reported domestic carcass prices of $645-$700 per cwt., hot hanging weight, for finished bulls and $630-$685 per cwt. for finished heifers. Mature bulls were $550-$600, while mature cows were $550-$600 per cwt.

Carcass prices for bison sold into the United States were US$495-$515 per cwt. for bulls and $460-$485 per cwt. for heifers.

Prices were not available for mature bulls and cows.

All prices are subject to fluctuations in the market and dollar exchange rates.

Prices for live bison in Canada were not available.

LAMBS

Ontario Stockyards Inc. reported that 382 sheep and 255 lambs sold Feb. 16.

Beaver Hill Auctions at Tofield, Alta., reported that 1,081 sheep and 246 goats sold Feb. 9.

Wool lambs lighter than 54 lb. were $490-$525 per cwt., 55-69 lb. were $470-$535, 70-85 lb. were $410-$490, 86-105 lb. were $365-$450, and 106 lb. and heavier were $300-$395. Wool rams were $235-$340 per cwt. Cull ewes were $185-$350.

Hair lambs lighter than 54 lb. were $470-$530, 55-69 lb. were $440-$495, 70-85 lb. were $400-$450, 86-105 lb. were $380-$430 and 106 lb. and heavier were $300-$370. Hair rams were $240-$275 per cwt. Cull ewes were $215-$298

Fed market continues to rally

Western Canadian fed cattle prices moved closer to 2025’s record highs during the week ending Feb. 13.

Alberta fed steers closed the week at $310.57 per hundredweight, moving $3.06 per cwt. higher than the previous week . Similarly, fed heifer prices were $3.10 per cwt. stronger than the previous week, closing the week at $308.56 per cwt.

Fed prices have rallied by $12-$14 per cwt. since the beginning of the year, and as of writing were within $3-$7 per cwt. of the record-high prices set last year.

Dressed sales were reported at around $520-$525 per cwt. delivered, up $3-$8 per cwt. from the previous week. All western Canadian packers showed buying interest. Cattle that sold were booked for delivery from immediately to the middle of March.

Interest from U.S. packers was also noted, with buyers seeking cattle for delivery in February and March. Bids were reported at a premium over local deals.

The Alberta fed cash-to-futures basis for the week ending Feb. 13 was at -18.22. This was -4.47 weaker than in 2025 but 2.95 stronger than the three-year average of -21.17.

Western Canadian fed slaughter for the week ending Feb. 7 was 35,518 head, four per cent below 2025 levels.

So far this year, weekly slaughter volumes have not hit 40,000 head per week.

Western Canadian fed slaughter for the month of January was 19 per cent below the five-year average, making it the smallest volume since 2018.

Light trade was reported in Ontario during the week ending Feb. 13, with dressed sales steady with the previous week at $530 per cwt. delivered. Cattle that traded were scheduled for delivery during the week of Feb. 23.

Analysts anticipate that fed prices will remain seasonally supportive throughout February.

Cow prices up

Non-fed prices continued to move seasonally higher during the week ending Feb. 13, with volumes beginning to decrease.

Despite one major packer being off the cow market, prices continue to rise, with support coming from feeder cow buyers.

Cow prices have risen by $13 per cwt. since the beginning of the year, now just shy of the record highs set in May 2025.

Rail prices were also higher during this week.

On a cash basis, Alberta cow prices traded at a discount of $2 per cwt. against the U.S. market.

For the week ending Feb. 7, western Canadian cow slaughter totalled just more than 5,600 head. This was down 29 per cent from 2025 and was the smallest slaughter volume for the start of February since 2005.

The only class of cattle that ran above year-ago levels for slaughter volumes was butcher bulls as more stay in Canada for processing.

Feeder prices strengthen

Western Canadian weekly average calf and feeder prices rose $7-$8 per cwt. during the week ending Feb. 13.

Steers and heifers weighing less than 500 pounds were the highlight of the week, bringing $13-$16 per cwt. more than the previous week .

Steers weighing more than 500 lb. were steady to $10 per cwt. higher, and their heifer counterparts were $2-$4 per cwt. higher than the previous week.

Weekly auction volumes in Alberta were just below 29,000 head. While year-to-date volumes are down seven per cent from 2025, they are also five per cent higher than the five-year average.

In Ontario, average steer and heifer prices climbed $3-$6 per cwt. from the previous week.

Steers and heifers weighing 500 lb. and higher saw an overall stronger tone, but the calf market had a softer tone.

Alberta 550 lb. steer calves brought a premium of $73 per cwt. compared to the Ontario market. Alberta 850 lb. feeder steers were at a discount of $3 per cwt. compared to Ontario 850 lb. steers.

Cut-out values mixed

U.S. wholesale beef prices have been moving lower lately as fed cattle prices south of the border rally.

From Feb. 5-12, U.S. Choice cut-out prices fell by $2.41 per cwt. Conversely, Select cutout values rose by $2.66 per cwt. during this time.

Heartland Livestock Services announced July 25 that it is closing its Brandon location.

The company, a major livestock marketer in the province, also operates an auction mart in Virden, Man., as well as in Saskatchewan at Moose Jaw, Yorkton and Swift Current.

It’s owned by Nilsson Bros. Inc., whose head office is in St. Albert, Alta.

The business also has a digital element, listing cattle through the Direct Livestock Marketing System.

“It was a bit of a surprise,” said Matthew Atkinson, a cow-calf producer near Neepawa and president of Manitoba Beef Producers.

“I mean, on one hand, it was probably inevitable to see changes there someday, but the closure always hits you as a bit of a surprise, for sure.… It’s disappointing to see a spot go that you know, one time, was kind of a flagship.”

Rick Wright chief executive officer with the Livestock Markets Association of Canada, said there is an economic impact to an area after an auction mart closes.

“It’s one less competitor trying to get calves to sell, so that takes a little of the competition out,” he said.

“It wasn’t that long ago that Brandon was the place to sell your cattle. It was the biggest market in Manitoba.”

Wright should know. He was general manager of the Brandon location for a decade.

At one point not that long ago, Wright said, the auction mart was selling 100,000 cattle a year, but volumes in recent years have slipped considerably from that level, he said.

According to data from Manitoba Agriculture’s weekly market reports, Brandon saw slightly more than 25,000 cattle marketings in 2024.

It’s not just Heartland, however.

Manitoba’s cattle herd, like the national herd, has been in a state of decline for years. The province’s beef cow numbers have shrunk sharply since 2007, with the exception of a small bump in the late 2010s, according to Manitoba Agriculture.

Last year, the province said, less than 381,000 head sold in the province across all auction marts and digital sale options.

Nationally, Canada has fewer beef cattle than it has seen in decades. From 2021-24, Statistics Canada reported that the number of cattle on Prairie beef farms dropped by 650,000 head, or 7.3 per cent.

That means tougher competition for auction marts, Wright said, and western Manitoba is no exception.

“The competition (among auction marts) has gotten better, more focused on what they’re doing, and they’ve hired better managers, or it’s privately owned and they’re fighting for it,” he said.

There were also two major Saskatchewan auction mart closures last year. The Assiniboia Livestock Auction, also owned by Nilsson Bros., and Kelvington Stockyards both closed their doors last August.

“It’s an evolution of the business, that’s what it is,” said Wright.

Roy Rutledge, who was manager of the Assiniboia Livestock Auction at the time of the closure, thanked the business’s customers in a post to the company’s website.

“Especially in 2023, when we tried to rejuvenate the business, your business was really appreciated. But unfortunately, there wasn’t enough to keep us viable,” he wrote.

Wright said he didn’t find the recent Brandon closure a big surprise.

“Maybe the timing was a bit of a surprise, and the way it was handled was a bit of a surprise,” he said.

“But anytime you see a piece of history like that disappear, it’s a sad day.”

The building’s metal structure has had wear and tear, he said, while “the property where the stockyards sit is worth a lot of money. It’s probably worth more to sell than it is to own the stockyards.”

The site of the auction mart, located in the heart of Brandon’s urban centre, was also not as convenient as it once was to farmers as the city grew and developed, Atkinson said.

“Honestly, I think one of the big impacts will be on the city,” he said.

Farmers who were in the city for sales anyway would take the opportunity to do other business, he added.

“Every truck and trailer … if they haul cattle in or they went to see cattle sell, they then spend money in that city quite a bit, more than folks are thinking, sometimes,” he said.

The Brandon auction mart is nestled close to the banks of the Assiniboine River just south of Brandon’s main downtown.

Wright said many agricultural businesses were once located in the area. Most of them have closed, although the garden seed business McKenzie Seeds maintains a facility. The old packing plants have been dismantled, and the area has largely transformed into green space with community softball diamonds and park space.

“It hasn’t been easy to get to for producers,” Wright said.

Atkinson said he was assured by David Nilsson, chief operating officer of Heartland Livestock Services, that the company will still have the same field reps covering the same areas.

“The reality is that we’ve seen a decline in the cattle herd, but we’ve also seen a shift in the cattle herd,” Atkinson said.

Manitoba now has big producers who are more interested in online and direct sales.

For those who don’t want to take the digital route, Atkinson said there are independent markets that will pick up the sales from the closure. Some will opt for sales in Virden. That site is newer, more modern and a little more accessible for producers to get to, he said.

Others will head for Manitoba auction marts in Killarney, Gladstone and Ste. Rose, which may mean a little more freight cost.

“Those auction marts, through the fall, starting back up after Christmas time in the New Year, they will be doing wholesale bookings three or four weeks in advance. It’s going to put a bunch more numbers on those sales, and it’s going to take a bit more planning and booking those cattle in to see what the impact is. We are going to see a change there, for sure,” Atkinson said.

Nilsson declined an interview.

Klassen said the feeder market this winter will benefit from continued strong demand, shorter supplies and cheaper feed prices as the U.S. prepares to harvest a record corn crop.

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But he said the market is in a state of transition.

“Since 2018, we’ve been contracting the cattle herd,” he said. “Now we’re at six-year lows.”

However, Klassen said while there hasn’t been a significant shift into heifer retention, there has been a significant decline in the cow slaughter, currently at about two million head, down from typical levels of around 4.5 million head.

“The cow slaughter is going to be at three-year lows … people are holding back on cows and wanting one more calf,” he said. He expects to see a small increase in the 2026 calf crop which sets the stage for increased supply. How consumer spending is affected by economic conditions will be another market influence.

Klassen pointed to two fundamentals in play that make the cattle market unique.

Jerry Klassen spoke to farmers attending this year’s Ag in Motion farm show near Langham, Saskatchewan as part of The Western Producer Markets Desk team.

You can find all of Jerry Klassen’s livestock markets columns here.

Bruce Burnett

What’s the crop look like this year?

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Especially in the south we’ve missed the rains. I did a little crop tour on the way to Ag In Motion, driving from southern Manitoba through Saskatchewan and into southern Alberta. There’s definitely areas in stress. Everyone on the Prairies need rain — say an inch or two — and cooler temperatures in the 20s over the next couple of weeks and some sporadic rain will help. It’s going to make a big impact, but for crops in the south, even this won’t help. It’s not going to save them, they’re destined for lower production. Durum will see about 400,000 tonnes lower production, down to 5.5 million tonnes. It should support prices. For spring wheat and canola, I am expecting close to normal overall, with some dry pockets. Barley is actually going to be up slightly. Will it be a bin buster? No. But we’re really looking at a good solid crop from the central to northern regions.

Jerry Klassen

What do you look at to understand cattle markets?

The cattle market is unlike grain. Two things are very specific. First, a one per cent change in consumer income equals a one per cent change in price of beef. Secondly, demand in inelastic. A small change in supply has a huge influence on the price. That’s what we’ve seen this past year, we’ve seen prices skyrocket. Small change in supply, huge change in price.

In central Alberta, Simmental based steers weighing 900 pounds on barley and silage diet with full processing data were valued at $405/cwt fob farm. In east central Alberta, black wide frame Limousin based steers averaging 825 pounds supposedly sold for $460/cwt.

The Killarney market report in Manitoba had red heifers weighing just under 900 pounds selling for $391/cwt. At the Ste Rose sale, a smaller package of red heifers with a mean weight of 795 pounds were marked at $425/cwt.

The Ponoka market report had a handful of red mixed steers evaluated at 709 pounds on hay and silage diet with full preconditioning data moving through the ring at $500/cwt. At the same sale, tan heifers scaled at 700 pounds on a diet of silage and pellets with full processing data dropped the gavel at $486/cwt.

At the Westlock sale, a smaller package of Angus Simmental cross 650 pound heifers on hay and barley diet with full processing records sold for $467/cwt. At the Ste Rose sale, the market report had black heifers averaging 616 pounds trading for $512/cwt.  In the Calgary region, a smaller package of Charolais weaned steers weighing just over 600 pounds were quoted at $573/cwt.

The Ste Rose Auction market report had Charolais steers averaging 555 pounds moving through the ring at $610/cwt. A buyer in central Alberta reported that Angus cross weaned heifers on the card at 560 pounds sold for $530.

The USDA estimated U.S. fourth quarter beef production at 6.650 billion pounds, down from the 2024 final quarter output of 6.882 billion pounds. If the U.S. border stays closed to Mexican feeders for an extended period, U.S. fourth quarter beef production forecasts would likely drop to 6.400 billion pounds. This would drive the December live cattle futures higher and support the yearling market during July and August.