Beef Market Update: Firm fed prices, lean trim talk, and the spectre of drought

"Cattle markets are holding firm through what is typically a quieter stretch of the year, underscoring just how tight North American beef supplies remain. In this mid-February Beef Market Update, Anne Wasko of Gateway Livestock Exchange joined Shaun Haney to break down pricing trends following CattleCon last week in Nashville. As the industry looks ahead to the second quarter-when supplies are expected to be at their smallest-Wasko says the seasonal outlook could still support stronger prices."

"As Wasko puts it, "The margin isn't there... it's a negative scene right now" for feeders given current futures and replacement values. On the consumer side, Canadian retail beef prices finished 2025 13 per cent higher year-over-year, despite easing slightly in December. Ground beef remains the focal point: "Half of beef consumption is made up in that category. And that's not what we produce," Wasko explains, highlighting continued reliance on lean trim imports."

Cattle markets are firm during a normally quieter mid‑winter period because North American beef supplies remain constrained. Seasonal tightening into the second quarter, coupled with grilling‑season demand, can support stronger prices. Cash trade shows Kansas sales near US$243 and Alberta dressed trade around $520–$525 delivered, up modestly week‑over‑week. Drought across the western U.S. and Canadian Prairies, plus high input and inventory costs, is limiting herd expansion, heifer retention and feeder margins. Canadian retail beef prices finished 2025 roughly 13% higher year‑over‑year, with ground beef demand increasing reliance on imported lean trim.

Read at Realagriculture