Market Recap: Week of June 19 - June 26, 2026

Fed cattle pricing moved higher this week on steady volume across Ontario auction markets. Early summer momentum is showing, with strong bids for both steers and heifers. Here's what actually traded — the real numbers.

Fed Steers: Pushing Into Premium Territory

Large and medium frame fed steers averaged $349.56/cwt with a range of $335–$365/cwt and an eye-catching top of $384.75/cwt. For a typical 1,600 lb fed steer at the average price, that pencils out to:

• Average steer value: 1,600 lbs × $3.4956 = ~$5,593 per head

• Top of market (1,600 lbs @ $384.75/cwt): ~$6,156 per head

This is solid summer pricing. The fed steer market is tracking higher than May and June numbers are firm.

Fed Heifers: Matching Steer Strength

Fed heifers kept pace with steers at $347.34/cwt (range $329–$362.25/cwt, top $378.00/cwt). For a typical 1,550 lb heifer:

• Average heifer value: 1,550 lbs × $3.4734 = ~$5,384 per head

• Top of market (1,550 lbs @ $378/cwt): ~$5,859 per head

The spread between steer and heifer pricing was just $2.22/cwt — unusually tight, suggesting balanced processor demand for both sexes.

Cows: Firm Bid Support

Cull cows averaged $219.30/cwt across a range of $184.97–$252.26/cwt with individual lots topping at $327.50/cwt. For a typical 1,450 lb cull cow:

• Average cow value: 1,450 lbs × $2.1930 = ~$3,180 per head

• Top of market (1,450 lbs @ $327.50/cwt): ~$4,749 per head

Cull cow pricing held steady — standard early summer support with the high-end lots showing strong demand.

Bulls: Weight Class Separation

Bulls showed expected premium for heavier frames:

Under 1,600 lbs: 240.13/cwt average (range $217.23–$254.85/cwt, top $320.00/cwt)

• Typical 1,350 lb bull: ~$3,242 per head

Over 1,600 lbs: $276.65/cwt average (range $252.65–$299.35/cwt, top $322.00/cwt)

• Typical 1,850 lb bull: ~$5,118 per head

Veal: Summer Strength

Veal cattle 600 lbs and over averaged $354.71/cwt with a range of $305.59–$394.47/cwt and tops hitting $437.00/cwt. For a typical 750 lb veal calf:

• Average veal value: 750 lbs × $3.5471 = ~$2,660 per head

• Top of market: ~$3,278 per head

Strong summer demand for veal.

Replacement Cattle: Solid Summer Feeder Demand

Replacement Steers:

• 700–799 lbs: 552.39/cwt average (range $500.71–$595.71/cwt, top $660.00/cwt) → A 750 lb feeder: ~$4,143 per head

• 600–699 lbs: $637.77/cwt average (range $586.09–$698.40/cwt, top $715.00/cwt) → A 650 lb feeder: ~$4,146 per head

• 500–599 lbs: $710.58/cwt average (range $664.47–$764.61/cwt, top $840.00/cwt) → A 550 lb feeder: ~$3,908 per head

Replacement Heifers:

• 900+ lbs: $399.97/cwt average (range $342.69–$421.65/cwt, top $435.00/cwt) → A 950 lb heifer: ~$3,800 per head

• 600–699 lbs: $572.94/cwt average (range $538.13–$614.06/cwt, top $630.00/cwt) → A 650 lb heifer: ~$3,724 per head

• 500–599 lbs: $635.52/cwt average (range $602.50–$675.00/cwt, top $700.00/cwt) → A 550 lb heifer: ~$3,495 per head

Feeder demand is solid. The 600–799 lb weight range shows competitive bidding — feeders are picking up ready-to-gain animals for summer turn.

Alberta Direct Trade: Picking Up

The Alberta direct trade this week saw light volume with dressed sales ranging from $595.00–$600.00/cwt, delivered to plants — up $5–8/cwt from the previous week. These cattle would be picked up in two weeks, suggesting packers are slowly firming their buying interest heading into mid-summer.

YTD context: Western Canadian fed processing is down 2% year-over-year (14,000 head), driven entirely by fewer heifers in the mix. Heifer processing is 7% lower than last year — a tight supply situation.

Quebec Market: Steady & Tight

The Quebec Electronic Market reported $569.25/cwt dressed, up just $0.25 from the previous week. Minimal movement — typical Friday quiet before the weekend.

Futures: Mixed Signals, Modest Weakness

Chicago Mercantile Exchange live cattle futures closed mixed:

• June: $257.40/cwt (unchanged)

• August: $246.28/cwt (down $0.95)

• October: $239.48/cwt (down $1.15)

• December: $238.65/cwt (down $1.10)

The curve is rolling lower from August onward — traders are seeing modest weakness in the fall, typical for summer when spring supply broadens.

Feeder cattle futures: August closed at $369.80/cwt (down $3.50) and September at $367.93/cwt (down $3.45). Slight pullback but still historically elevated.

Feed costs: Corn futures (July) at $4.15½ (up ¾¢) and soybeans (July) at $11.26½ (down 1¢). Corn is ticking higher; soybeans drifted lower. Canadian dollar holding at 70.72 on the September contract, up 0.35¢.

What It Means

Fed cattle are trading into solid early summer territory — $349/cwt for steers, $347/cwt for heifers. That's premium spring pricing sustained into June. Processors are buying steadily, and the tight Western Canadian heifer supply (7% down YoY) is supporting prices across the board.

Feeder demand is active, especially in the 600–800 lb window. If you're selling fed cattle this week, the baseline is $349–$350/cwt for medium-large steers and heifers. If you're placing feeders, the 600–700 lb weight range is trading at $620–$640/cwt with solid competition.

Volume speaks: Ontario auctions saw consistent, competitive bidding with strong individual lots clearing above averages across all categories. This is a transparent, active market.

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Data source: Beef Farmers of Ontario — Noon Report, Friday June 26, 2026. Ontario auction sales from Thursday, June 26. All prices in Canadian dollars per cwt live weight. Per-head calculations use average weights observed in recent weekly markets and are rounded to the nearest dollar. Alberta figures in dressed weight delivered to plant.