As we close the year on 2025, federally inspected slaughter was down 4% from the prior year and down 13% from the 2022 peak. At 2.85 million head this is still well above the previous cycle low of 2.48 million head made in 2015....

Alberta/Saskatchewan cattle on feed inventories traditionally decline from December to January and this year was no exception. Feedlot shipments outpaced placements in December resulting in a month-over-month decline of 68,000 head....

The Canadian economy appeared largely resilient in the face of trade uncertainty in 2025. Unemployment is at its lowest point in over a year, and inflation continues to be within its targeted range. Additional interest rate cuts, at this point, appear unlikely through 2027....