The Week in One Line
Fed cattle firmed up a touch, cull cows slipped again, and the fall calf run rolled through Ontario's auction barns in force. Here's what the numbers say for the week ending Thursday, October 29, 2026 — in real dollars, per animal.
Fed Cattle: A Quiet Grind Higher
Ontario auction markets moved 505 fed steers and heifers this week — 99 more head than last week and 169 more than the same week last year. Fed steers (large and medium frame, +1,250 lbs) averaged $296.02/cwt, up $2.19/cwt from last week but $4.43/cwt below a year ago. Fed heifers (+1,000 lbs) averaged $299.20/cwt, up $0.49/cwt on the week and $6.99/cwt under last year's mark.
What that means per animal: a 1,400 lb fed steer at the weighted average brought $4,144.28 (14 cwt × $296.02), and a 1,200 lb fed heifer grossed $3,590.40. The week's gain works out to about $30.66 more per 1,400 lb steer than a week ago — real money, but a grind, not a rally. Top-end steers hit $336.00/cwt, which is $4,704.00 on that same 1,400 lb animal.
Direct-to-packer railgrade trade held at $505.00/cwt on a carcass basis for A-grade steers and heifers, steady with last week. A typical 850 lb carcass at that price is $4,292.50 before grade and weight discounts.
Dairy and dairy-cross cattle told a rougher story: fed steers over 1,250 lbs averaged $233.99/cwt, down from $269.44 last week. A 1,300 lb dairy-cross steer grossed $3,041.87 this week versus $3,502.72 a week ago — a $460.85 haircut per head in seven days.
Cull Cows: The Soft Spot
Cull cow receipts came in at 1,832 head, 452 fewer than last week and 267 under last year. All cows averaged $144.91/cwt, down $6.15/cwt on the week and a hefty $28.32/cwt below last year. Beef cows specifically averaged $157.65/cwt, a sharp $29.21/cwt drop from the previous week.
Per animal: a 1,400 lb cow at $144.91/cwt brought $2,028.74. The same cow a year ago, at last year's average of $173.23/cwt, was worth $2,425.22 — about $396.48 less per head today. Auction markets reported cull cows sold "easier," and the math backs that up.
Bulls averaged $198.05/cwt, down hard from $267.14 last week. An 1,800 lb bull worked out to $3,564.90 this week versus $4,808.52 last week — a $1,243.62 difference per head on the weekly average.
Stockers & Feeders: Big Volumes, Split Prices
Total receipts hit 12,143 head, including 8,185 stocker and feeder cattle — 398 more than last week. Steer prices averaged $2.89/cwt higher on the week while heifers averaged $1.37/cwt lower.
- 600–699 lb steers averaged $546.97/cwt — a 650 lb steer brought $3,555.31, down from $3,686.56 last week.
- 500–599 lb steers averaged $608.93/cwt — a 550 lb steer was worth $3,349.12.
- 400–499 lb steers averaged $645.55/cwt, a big drop from $705.85 — that's $2,904.98 for a 450 lb steer versus $3,176.33 last week, roughly $271 less per head.
- Feeder heifers 500–599 lbs averaged $564.37/cwt, putting a 550 lb heifer at $3,104.04.
- Light calves keep commanding the biggest per-pound money: sub-400 lb steers averaged $753.54/cwt, so a 350 lb steer calf grossed $2,637.39.
At Brussels Livestock's stocker sale alone, 1,451 head went through the ring on October 23, with 500–599 lb steers averaging $642.55/cwt.
Grain, Futures & the Dollar
Corn continues to be the quiet friend of cattle feeders: December corn closed at US$4.476/bushel, down 3.4 cents on the week. November soybeans sat at US$12.222/bu. The Canadian dollar ticked up marginally to 71.64 cents US (+0.14) — a weak loonie that continues to support cattle values on this side of the border.
On the CME, live cattle futures finished broadly lower — December at 220.95, down $5.35 — while feeder cattle fell harder, with November down $8.70 to 337.78. The US Choice boxed beef cutout slipped $4.51/cwt to US$368.75, and Select dropped $2.21 to US$355.20. US cash trade ran US$221–226/cwt live and US$348–355/cwt dressed.
The Wider Picture
Alberta's dressed sales were reported at $490–500/cwt delivered, steady to $10 lower, with the cash-to-futures basis at -25.86 — the weakest basis of the year after six straight weeks of deterioration. The Quebec electronic auction market had no prices at press time.
On the macro side, the USDA's October 1 cattle-on-feed report put US inventories at 11.4 million head, 0.4% below last year. September placements were 12% under a year ago — the fourth consecutive monthly decline — with July–September placements down a combined 583,000 head. Eastern Canadian processing for the week of October 24 was 25.1% above a year ago, and Canadian beef exports are running 6% ahead of last year's pace, led by a 25% jump to Mexico.
Coming Up: Fall Special Sales
- Oct 31 — Keady Livestock Market, Central Calf Sale (vaccinated, owner lots), 9:00 AM
- Oct 31 — Maple Hill Auctions, Top Cut Bred Heifer Sale, 1:00 PM
- Nov 4 — Kawartha Lakes Community Sale Barn, Peterborough Cattlemen / Victoria Beef Producers, 10:00 AM
- Nov 5 — Ontario Livestock Exchange & Ontario Stockyards, Special Vaccinated Calf Sales
- Nov 6–7 — Keady, Cargill, Stratton-Rainy River and Denfield fall sales continue the run
The Bottom Line
Fed cattle are holding a firm floor — $4,000-plus on a good finished steer — but the real story this week is the squeeze on cull cows and the big price swings in light calves. If you've got finished cattle, the market paid a bit more this week than last. If you're buying calves, the 400–500 lb steer class just got noticeably cheaper. Either way, next week's fall special sales will show whether the calf run keeps pressure on those lighter weights.
See you at the sale barn.
Data sourced from the Beef Farmers of Ontario Weekly Market Report. Published every Saturday by The Butcher's Journal.