The Week in Numbers
Week ending September 10, 2026 — and the story this week is one of continued softening. Fed cattle drifted lower, cull cows took a noticeable hit, and while the stocker market saw some bright spots in lighter weights, the overall tone was easier. If you are selling cattle right now, the cheque is smaller than it was a year ago — and in some cases, a lot smaller.
Fed Cattle: Slipping Further
Fed steers through Ontario auction markets averaged $289.81/cwt, down $1.01 from last week and a steep $38.54/cwt below year-ago prices. Fed heifers averaged $285.64/cwt, down $7.23 from the previous week and $39.15/cwt lower than last year.
Let us put that in real dollars. A 1,400 lb fed steer at this week’s average is worth about $4,057 — down $14 from last week, but down $540 from what that same animal would have brought a year ago. A 1,200 lb fed heifer is around $3,428, down $87 from last week and $470 below year-ago levels.
Direct-to-packer trade was very light out of Ontario at $485/cwt delivered (A Grade steers and heifers), $5-10/cwt lower than last week. Quebec’s electronic auction came in at $480.25-481.25/cwt dressed, down $5.38. Alberta saw limited dressed trade at $490-495/cwt delivered.
Cull Cows: The Biggest Loser This Week
Cull cows averaged $156.59/cwt, down $11.29 from last week and a staggering $45.02/cwt below year-ago prices. Beef cows specifically averaged $185.56/cwt, down $14.63 on the week and $40.55 below last year.
In dollar terms: a 1,400 lb cull cow brought about $2,192 this week — down $158 from last week and down $630 from a year ago. A beef cow at the same weight was around $2,598, down over $200 from last week and nearly $568 below year-ago values.
Receipts were lighter too — 1,296 head, down 157 from the previous week and 319 fewer than the same week last year.
Stocker & Feeder Market: A Mixed Bag
The stocker market was genuinely mixed this week, with some weight classes gaining ground and others slipping. Total stocker and feeder receipts through Ontario auctions were 2,780 head, down 9 head from last week but nearly 1,900 head fewer than the same week last year.
Highlights from the steer side:
- 800-899 lb steers averaged $457.07/cwt — up about $1/cwt from last week. An 800 lb steer is worth roughly $3,657.
- 500-599 lb steers averaged $578.55/cwt — down $14.63/cwt. A 500 lb steer brought about $2,893, down $73 from last week.
- 400-499 lb steers were the standout, up $15.16/cwt to $659.79/cwt.
On the heifer side, there were some big swings: 300-399 lb heifers jumped $36.24/cwt, while 600-699 lb heifers fell $58.82/cwt. The lighter end of the heifer market is where buyers were reaching, which tells you where they think the value is.
Auction Market Snapshots
Brussels Livestock (Sep 4) — 859 stockers. Steers 1000+ lb averaged $377.19, tops at $418.50. Light steers under 400 lbs hit $782.78 average with tops at $960.
Keady Livestock Market (Sep 8) — 563 stockers. Strong demand, steers 700-799 lb averaged $508.54 with tops at $542.50.
Ontario Livestock Exchange (Sep 9 & 10) — 422 and 415 head respectively. Feeder cattle sold on good demand at stronger prices.
Aylmer Stockyards (Sep 9) — Fed steers topped at $341.00. Cows averaged $162.90 with tops at $254.99.
The Bigger Picture
Feedlot margins in Western Canada have gone from bad to worse. Losses on the cash market are estimated at $400-500/head, with record-high breakevens for the balance of 2026. That pressure is rippling east.
Canadian retail beef price held at $28.63/kg in July — mostly steady near $28/kg since November 2025. So consumers are still paying top dollar at the grocery store, even as live cattle values slide. That margin gap is not closing in anyone’s favour except the packers.
On the export front, Canadian beef exports are up 4% year-to-date (284,327 tonnes through July), with Mexico up 25% and Southeast Asia up 14%. But South Korea is down 59% — a real shift in where Canadian beef is landing.
US cattle slaughter came in at 505,000 head for the week ending September 12 — down 3% from the previous week and down 12% from year ago. The US feeder index has dropped to the upper $320s/cwt, the lowest since November 2025.
Macro & Grain Watch
Live Cattle futures on the CME closed higher across the board: October at $219.68 (+$1.85), December at $222.23 (+$2.63). Feeder cattle futures were softer — September at $337.83, October at $332.50.
Corn closed lower at $5.302/bu (December), soybeans at $12.964/bu (November), and wheat at $7.252/bu (December). The Canadian dollar sits at 72.12 cents US — still weak, which helps export competitiveness but raises input costs.
US diesel prices hit $5.78/gallon, overtaking the previous record high set in June 2022. That hits everyone — feedlots, truckers, processors, and ultimately the consumer.
There is growing chatter around mandatory Country of Origin Labeling (MCOOL) south of the border. From a Canadian perspective, this is concerning and could disrupt cross-border cattle trade if it moves forward.
Upcoming Fall Sales
The fall sale season kicks off this weekend and runs hard through the end of September:
- Sep 12 — Maple Hill Auctions Ltd (1:00 PM)
- Sep 15 — Thessalon-Algoma Co-op Livestock Sales (10:00 AM)
- Sep 17 — Ontario Stockyards Inc (11:00 AM)
- Sep 25 — Ontario Stockyards, Keady Livestock, Hoards Station (multiple times)
- Sep 26 — Cargill Auction Market, Stratton-Rainy River, Denfield Livestock, Brussels Livestock, Aylmer Stockyards
- Sep 30 — Vankleek Hill Livestock Exchange (1:00 PM)
Bottom Line
Fed cattle are down $540/head from a year ago. Cull cows are down $630. Feedlots are bleeding $400-500/head in Western Canada. The stocker market is holding up better at the lightweight end, but even there, year-over-year comparisons are sobering. With fall run about to ramp up and feedlot margins in the red, there is not much on the horizon suggesting a sharp rebound. The one thing keeping the floor in: a 12% drop in US slaughter year-over-year means the cattle supply is tightening. The question is whether demand holds.
Data sourced from the Beef Farmers of Ontario Weekly Market Report. Published every Saturday by The Butcher’s Journal.