The Week in Numbers
Week ending Thursday, September 24, 2026. Fall is here, the sale barns are busy, and prices are telling an interesting story. Let's get into it.
Fed Cattle: Slightly Higher, Still Well Behind Last Year
Fed steers averaged $299.24/cwt at auction this week, up $3.30 from last week but down $15.22 from the same week last year. Fed heifers averaged $291.89/cwt, up $1.16 from last week and $19.53 below year-ago levels. Only 330 head of fed cattle moved through auctions, down 129 from the previous week and 273 head fewer than last year.
On a real-dollar basis, that 1,400 lb steer at $299.24/cwt is bringing in about $4,189 per head. A 1,250 lb heifer at $291.89/cwt rings in at roughly $3,649. Those are decent cheques, but when the same steer was averaging $314/cwt a year ago, that's $207 less per animal in the producer's pocket.
Dressed sales told a stronger story. Ontario packer railgrade hit $505/cwt delivered for both A-grade steers and heifers, up $5-15/cwt from last week. On a 900 lb carcass, that's $4,545 per animal. The Quebec electronic market followed suit at $494-496.50/cwt dressed, up $8.10 on the week. Alberta direct trade, meanwhile, softened slightly to $490-492/cwt delivered, $3-5 lower than last week.
Cull Cows: Steady Climb Off Summer Lows
Cull cow receipts were 1,391 head, down 189 from last week and 525 fewer than last year. The average price came in at $169.58/cwt, up $4.58 from last week but still $17.28 below a year ago. Beef cows specifically averaged $196.58/cwt, up $2.83 and only $5.58 under year-ago prices.
For a 1,400 lb cull cow at $169.58/cwt, you're looking at about $2,374 per head. The top end of the range hit $351/cwt this week, which on the same animal is $4,914 — a reminder that quality and condition still move the needle at the ring.
Stockers and Feeders: The Big Movers This Week
This is where the action was. A total of 3,113 stocker and feeder cattle sold through Ontario auctions, down 363 from last week and 2,909 fewer than the same week last year. Despite tighter numbers, prices surged. Steer prices were up $13.62/cwt on average and heifers up $13.39/cwt.
The standout categories:
- 400-500 lb steers averaged $716.42/cwt, up $23.58 from last week. On a 450 lb calf, that's roughly $3,224 per head.
- 600-700 lb steers averaged $564.01/cwt, up $39.95 — the biggest jump of the week. A 650 lb steer at that price is about $3,666.
- 500-600 lb steers averaged $624.26/cwt, up $15.95.
- 400-500 lb heifers averaged $629.07/cwt, up $16.01.
- 300-400 lb heifers posted a massive $55.90/cwt gain, averaging $707.11/cwt.
The top price of the week was a 300-399 lb steer at Ontario Stockyards hitting $1,025/cwt — a light calf worth roughly $3,588 at that weight. When you see numbers like that, it tells you backgrounders are competing hard for inventory.
Processing and Exports
Eastern Canadian processing for the week ending September 19th came in 19.2% above year-ago levels, though 0.9% below the five-year average. Year-to-date, processing is running 2% ahead of last year, with steers up 1%, heifers up 5%, cows down 1%, and bulls down 25%.
Eastern fed cattle and cow exports to the U.S. for the week ending September 12th were 1,558 head, down 35% from last year and 29% below the five-year average. Eastern feeder exports were 902 head, 21% lower than last year. YTD feeder exports are down 5%.
Western Canadian processing was 44,041 head, 7.5% above last year. The September 1st cattle-on-feed report shows the number of cattle on feed 120 days or longer at record levels for September — more supply coming down the pipe.
US and Macro Factors
US cash cattle trade in the North saw live sales at $220-223/cwt (mostly $222) and dressed at $348-355/cwt (bulk at $350). Live sales were about $1/cwt softer; dressed was steady. Southern trade was not reported for the second straight week. Seasonal price support for the 5-area average is still three weeks away based on historical indexes, suggesting softer prices through the rest of September.
USDA's September 1st Cattle on Feed report showed 11.2 million head on feed, 1% larger than last year. August placements were 9% below last year — the fourth straight month of declines — and both August placements and marketings hit record lows going back to 1996. Over 60% of the US cattle herd is facing drought conditions, which keeps pressure on feed costs and could drive more cows to market.
The US Federal Open Market Committee raised interest rates for the first time in three years, with additional hikes possible before year-end. That affects everything from operating loans to land payments.
Market Access Win
Canadian beef has regained access to the Dominican Republic, a market that's been closed since BSE in 2003. Beef products from cattle of all ages are now eligible for export. It's not a massive market, but every door that opens helps.
Upcoming Sales
Next week's calendar includes stocker sales at Brussels, Keady, and Ontario Livestock Exchange, plus bred cow sales and special vaccinated calf sales. Denfield runs October 2nd, and Maple Hill has their Charolais & Exotic Yearling sale the same day.
Bottom Line
Fed cattle are finding their footing with a modest bump at auction and stronger dressed prices, but they're still running well behind last year's cheques. The real story is the feeder market, where tight supply and strong demand pushed calf prices up significantly across every weight class. If you've got cattle to sell right now, the ring is paying. If you're buying feeders, you're paying more than last week and a lot more than you hoped.
With US placements at record lows, drought covering most of the herd, and interest rates heading up, the supply picture suggests this feeder rally has legs. For Ontario producers, the $505 dressed price is the best news of the week — packers want cattle, and they're willing to pay for them.
Data sourced from the Beef Farmers of Ontario Weekly Market Report. Published every Saturday by The Butcher's Journal.