Feeder market makes a fresh high

For the week ending May 23, Western Canadian feeder cattle markets were quite variable, trading $5 per hundredweight lower to as much as $15 per cwt. higher compared to seven days earlier.

Larger packages of quality, top-genetic, backgrounded cattle traded $10-15 per cwt. higher while smaller packages and fleshier types lacked buying interest. Calf markets traded both sides of unchanged compared to last week. The weaker feeder cattle futures set a negative tone, and barley prices continue to percolate higher.

You can find all of Jerry Klassen’s analysis of the feeder cattle market here.

The TEAM auction market report included a group of 305 black crossbred average-frame steers with a mean weight of 1,030 pounds on a diet of five lb. of barley and corn silage, carrying medium to lighter-flesh with full processing records (implants last fall), selling for $442 per cwt. FOB farm near Strathmore for immediate delivery.

At the Ponoka sale, a group of seven black heifers averaging 978 lb. on a corn silage, hay and mineral diet with full processing data but no implants sold for $426 per cwt. At the same location, a handful of black heifers weighing 828 lb. on a four-lb. barley and silage diet with health records exited the ring at $475 per cwt.

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At the Lloydminster sale, a group of 29 medium to larger-frame silver steers with full preconditioning averaging 852 lb. sold for $552 per cwt. Their lighter brothers with the same genetics and specifications averaging 774 lb. silenced the crowd at $600 per cwt. These sales were fresh record highs for these weight categories.

In Westlock, a package of 20 Angus-Hereford cross weaned steers weighing 619 lb. on a diet of dry hay and three lb. of barley with full processing data and age verified sold for $650 per cwt. Their sisters with the same genetics and specifications averaging 621 lb. traded for $590 per cwt.

A farmer reported a small package of weaned Simmental-cross steers weighing 515 lb. sold for $575 per cwt. at ring sale in central Alberta.

For October delivery, the TEAM market report included a group of 100 Charolais steers averaging 525 lb. coming off their mothers and pasture with full processing and implants trading for $777 per cwt. FOB farm near North Battleford.

Alberta packers were buying fed cattle on a dressed basis at $580 per cwt. delivered, which was on the high side of last week’s range of $573-580 per cwt. Using a 60 per cent grading, the live price would equate to $348 per cwt. delivered.

Last week, we mentioned that Alberta and Saskatchewan cattle on feed 180 days or more as of May 1 totalled 212,227 head, up 7.3 per cent from last year.

In the U.S. feeder cattle outside finishing feedlots as of April 1 were up 416,000 head from April 1, 2025. The USDA Cattle on Feed Report had total inventories at 11.584 million head, up 1.8 per cent or 208,000 head from last year. Feedlot placements during April were up 5.6 per cent from April 2025 while the marketings number for April was down 10 per cent. The net result was that cattle on feed 180 days or more came in at a record high of 1.995 million head, up 38 per cent or 550,000 head from May 1, 2025.

The Cattle on Feed Reports are bearish for the live cattle and feeder markets on both sides of the border. U.S. and Canadian packers have a large portion of their requirements covered. There is limited demand for fed cattle at the current price levels.