Fed Cattle: Steady, But Still Well Below Year-Ago Levels
Fed steers moved through Ontario auction markets this week at a weighted average of $290.82/cwt, down 75 cents from last week and a sobering $36.09/cwt below year-ago prices. Fed heifers averaged $292.87/cwt, down $5.03 from the prior week and $28.46 lower than last year.
Only 434 fed cattle sold through auction this week — 8 fewer than last week, though 96 more than the same week a year ago. At Brussels Livestock, fed steers and heifers sold steady.
Let's put that in real dollars. A 1,400 lb fed steer at $290.82/cwt brings $4,071 at the sale. A 1,300 lb fed heifer at $292.87/cwt fetches $3,807. Compare that to a year ago when that same steer would have grossed closer to $4,575 — that's roughly $500 less per head in the farmer's pocket.
Railgrade Trade
Ontario direct-to-packer railgrade cattle traded at $490.00–$495.00/cwt on a carcass weight basis for both A Grade steers and heifers. Alberta direct trade saw dressed sales from $495–$502/cwt delivered, $16–$23/cwt lower than the previous week. The Quebec electronic auction cleared at $486.25/cwt dressed.
September breakeven estimates range from $318/cwt on short-keep heifers to $331/cwt on short-keep steers — putting feedlots solidly in the red at current market levels.
Cull Cows: Volume Up, Prices Soften
Cull cow receipts jumped to 1,453 head through auction — 282 more than the previous week but 130 fewer than a year ago. Cows averaged $167.88/cwt, down $9.96 from last week and $34.54 below year-ago levels. Beef cow prices specifically averaged $200.19/cwt, up $1.91 week-over-week but still $20.67 below last year.
At current averages, a 1,300 lb cull cow grosses about $2,182. A year ago that same animal would have brought closer to $2,630 — a $448 per-head difference.
At the auction barn level, Kawartha Lakes saw 154 cows average $184.84 with a top of $316.00. Denfield cows averaged $165.96, and Aylmer cows came in at $167.10.
Stocker & Feeder Market: Under Pressure
Total receipts hit 6,374 head, with 2,789 stocker and feeder cattle selling through Ontario auction markets — down 1,152 from last week and 1,640 fewer than the same week last year. Steer prices were down $5.34/cwt on average; heifers were up $6.74/cwt.
Auction markets reported that all classes of stocker and feeder cattle sold under pressure. The weight-by-weight breakdown tells the story:
- Steers 400–500 lbs: down $53.53/cwt from last week
- Steers 500–600 lbs: down $4.52/cwt
- Steers 600–700 lbs: up $58.99/cwt
- Steers 900–1000 lbs: down $28.85/cwt
- Heifers 400–500 lbs: down $37.75/cwt
- Heifers 600–700 lbs: up $41.68/cwt
For context, a 650 lb stocker steer at this week's average of $566.46/cwt would cost $3,682. That same animal in the 700–799 lb class at $498.00/cwt runs about $3,735 at 750 lbs.
Exports: Down Year-Over-Year
For the week ending August 22, total live cattle exports through Ontario ports to the U.S. were 1,574 head — down from 2,493 the previous week. Year-to-date exports sit at 107,301 head.
Monthly data for July 2026 shows total live cattle exports of 7,197 head, down 4% from the same period in 2025. Steers down 3%, heifers down 8%, cows down 6%, but bulls up a striking 92%.
Canadian beef exports (Jan 1 – Jun 30, 2026) totalled 244,669 tonnes, up 5% from last year. The U.S. remains the dominant destination at 172,958 tonnes, but Mexico saw 27% growth and Southeast Asia 18% growth. South Korea dropped 58%.
Processing Numbers
Federally inspected processing for the week ending August 29:
- Ontario: 10,429 head (up 121 from the prior week)
- Canada total: 57,946 head (up 960)
- Western: 45,798 head
- Eastern: 12,148 head
Average carcass weights in Ontario: steers at 994 lbs, heifers at 874 lbs. Both are running heavier than a year ago (956 and 852 respectively).
The Macro Picture
The Canadian dollar traded at 72.26 cents US, down 0.26 from the previous report. A weaker loonie typically supports Canadian cattle prices, but it hasn't been enough to offset the year-over-year declines.
Corn futures closed at $5.12/bu (September), down $3.2 on the week. Soybeans at $12.94/bu, down $12.4. Lower feed costs should help feedlot margins, but with breakevens at $318–$331/cwt and fed cattle trading in the $290s live, the math still doesn't pencil out.
On the U.S. side, cash cattle traded at $214–$218/cwt live and $340–$345/cwt dressed. Boxed beef Choice cutout was $377.50, Select at $356.86. The 73% lean beef market dropped $43/cwt to its lowest level since April 2025.
What's Coming: Mexican Cattle & Trump's Beef Quota
Two developments worth watching:
First, Mexican feeder cattle started moving north into Arizona last week for the first time in over a year. Two New Mexico ports are scheduled to open next. Initial estimates suggest 150,000–250,000 head could arrive in the U.S. by year-end once all three ports are operational. More supply to the south typically pressures U.S. feeder prices, which ripples into Canadian markets.
Second, details are emerging around the announced 300,000 tonnes of beef over 90 days — a limit of 100,000 tonnes per month, with unused quantities not rolling forward. It's only available to trading partners without a specific country tariff rate quota allotment, and only for a narrow set of HS codes.
Upcoming Fall Sales
- Sep 5: Maple Hill Auctions — Autumn Angus Classic, 5:00 PM
- Sep 12: Maple Hill Auctions — Ontario Autumn Simmental Classic, 1:00 PM
- Sep 17: Ontario Stockyards Inc — Special Fall Yearling Sale, 11:00 AM
- Sep 25: Keady Livestock Market — Special Grass Yearling Sale, 9:00 AM
- Sep 25: Hoards Station Sale Barn — Quinte Cattlemen's Mixed Sale, 11:00 AM
- Sep 26: Brussels Livestock — Bred Cow Sale, 1:00 PM
- Sep 30: Aylmer Stockyards — Fall Stocker Sale, 12:00 PM
Bottom Line
Fed cattle are holding relatively steady week-to-week, but the year-over-year gap remains significant — $36/cwt below last year for steers, $34/cwt for cows. Feedlots are losing money with breakevens well above current market prices. The stocker market is under broad pressure with lighter weights getting hit hardest. Mexican cattle re-entering the U.S. pipeline and the new beef quota details add uncertainty to the supply picture heading into fall. For Ontario producers, the upcoming special fall sales will be the next real test of where feeder demand sits.
Data sourced from the Beef Farmers of Ontario Weekly Market Report. Published every Saturday by The Butcher's Journal.