Montana’s fall run continued under some interesting market pressure the week of October 25–31, 2026, as ranchers hauled cattle to auction amid trucking shortages, a late-season CME selloff, and heavier-than-average calves thanks to an unusually wet fall. Here’s your full breakdown of what happened at the sale barns across the Treasure State.
Market Overview & Trends
Total receipts came in at 13,685 head for the week — down from 13,808 head the prior week and significantly below the 16,641 head sold during the same week last year. That’s an 18% year-over-year decline in total receipts, and feeder cattle specifically came in 25% below last year’s pace. This continues a pattern that’s held all fall: receipts have been running 15–25% under year-ago levels on a consistent basis.
Quality was described as mixed — ranging from plain to very attractive — with many cutback cattle continuing to show up off summer video sales. On the positive side, late-season rains across Montana have done wonders for fall pastures, and calves are coming in heavier than historical averages, especially in Eastern Montana.
Trucking logistics remain a real headache. Buyers report trucks are extremely tight, and several buyers filled loads and left the market early — contributing to wide price spreads again this week. Light-weight steers and heifers headed for western grass found very good demand.
On the futures side, it was a rough end to the week. CME live cattle positions posted sharp losses Friday as cash fat cattle prices moved lower. The November contract closed at 337.775, down 10.35 from the prior Friday, while the January contract closed at 331.775, off 13.575. The October contract settled at 351.26, up 2.935 — but that contract is now closed. The March contract closed at 327.275. Ranchers watching their forward positions felt that Friday sting.
Feeder Cattle Summary
Feeder cattle made up 68.1% of total receipts (9,325 head), with the supply split roughly 60% steers, 38% heifers, and 2% bulls. Only 31% of feeder cattle were over 600 lbs, reflecting the predominance of calves in the run.
Steer calves 400–499 lbs were the standout movers, selling mostly $10/cwt higher than the previous week. Calves in the 500–599 lb range sold steady to firm. Steers 600 lbs and heavier brought mostly steady to $5 higher money. Yearling steers were too lightly tested to establish a clear trend.
On the heifer side, 350–499 lb heifers sold generally steady, while 500 lb and heavier heifers sold mostly steady to $5/cwt lower. Lighter heifers showed higher undertones but were too thinly traded for a firm trend. Yearling heifers were similarly light in numbers.
Feeder Steer Price Table — Medium & Large 1 (Top Quality)
| Weight Class | Avg Weight (lbs) | Price Range ($/cwt) | Avg Price ($/cwt) |
|---|---|---|---|
| 220–240 lbs | 227 | 655.00–715.00 | 676.18 |
| 310–335 lbs | 329 | 615.00–665.00 | 633.16 |
| 350–396 lbs | 382 | 537.50–642.50 | 577.16 |
| 405–439 lbs | 426 | 522.50–582.50 | 556.35 |
| 450–499 lbs | 476 | 467.50–520.00 | 501.24 |
| 500–549 lbs | 521 | 432.50–507.50 | 468.11 |
| 550–595 lbs | 583 | 407.00–449.50 | 423.69 |
| 600–649 lbs | 619 | 377.00–421.00 | 406.84 |
| 651–698 lbs | 677 | 370.00–403.00 | 386.01 |
| 704–733 lbs | 711 | 352.50–377.50 | 367.97 |
| 755–769 lbs | 763 | 350.50–363.00 | 358.04 |
| 885 lbs | 885 | 327.00 | 327.00 |
| 947 lbs | 947 | 319.00 | 319.00 |
Feeder Heifer Price Table — Medium & Large 1 (Top Quality)
| Weight Class | Avg Weight (lbs) | Price Range ($/cwt) | Avg Price ($/cwt) |
|---|---|---|---|
| 265–282 lbs | 274 | 540.00–590.00 | 565.78 |
| 319–336 lbs | 326 | 515.00–555.00 | 537.04 |
| 350–398 lbs | 382 | 460.00–515.00 | 494.52 |
| 401–447 lbs | 429 | 451.00–525.00 | 481.26 |
| 450–498 lbs | 472 | 407.50–470.00 | 443.02 |
| 501–549 lbs | 525 | 380.00–428.00 | 400.15 |
| 550–598 lbs | 570 | 357.00–389.00 | 373.82 |
| 600–648 lbs | 612 | 340.50–374.00 | 358.70 |
| 650–683 lbs | 663 | 340.00–351.00 | 344.49 |
| 718–719 lbs | 719 | 338.00–339.00 | 338.13 |
| 903–939 lbs | 923 | 300.00–313.00 | 307.55 |
| 967–996 lbs | 983 | 295.00–301.00 | 299.15 |
Slaughter Cows & Bulls
Slaughter cattle accounted for 20.6% of total receipts (2,819 head), with 93% of that being cows and 7% bulls. The slaughter cow market told an interesting story this week: feeding cow buyers are winning the bidding war against packers. American packers and Canadian feeders both showed strong interest in quality boning and breaking cows to put on feed, and private feeders were active participants as well — many willing to take lame or blemished cows.
The result? Breaking cows sold generally steady, boning and lean cows sold steady to firm, and lean cows actually moved steady to $4/cwt higher as feeders competed hard. Slaughter cows destined for immediate harvest faced light packer demand, with quality and yield described as very low — because the best cows keep getting pulled away for feeding programs.
Slaughter bulls sold steady to $3/cwt higher this week. Bulls are beginning to regain condition lost during the breeding season, aided by late fall rains that have kept pastures green. Yields are improving as a result. Young age bulls continue to draw very good demand from buyers looking to rebreed.
| Category | Trend vs. Last Week | Demand |
|---|---|---|
| Breaking Cows (Slaughter) | Generally Steady | Light |
| Boning & Lean Cows (Slaughter) | Steady to Firm | Moderate (feeders competitive) |
| Breaking & Boning Cows (Feeding) | Steady to Firm | Good to Very Good |
| Lean Cows (Feeding) | Steady to $4.00 Higher | Good to Very Good |
| Slaughter Bulls | Steady to $3.00 Higher | Good; Very Good for Young Age |
Replacement Cattle
Replacement cattle were a notable piece of this week’s run, coming in at 1,541 head (11.3% of receipts) — up solidly from 1,225 head the prior week and well above the 1,232 head seen this time last year. The supply broke down as 65% stock cows, 28% bred cows, and 6% open heifers, with a small number of cow-calf pairs.
A few ranch-tested bred cows continued to show up in the offerings. These are sold per hundredweight and are not retested or mouthed. Demand for these bred cow offerings was described as mostly very good — ranchers looking to build or maintain their cow herd are still willing to pay up for quality females with a proven record.
Weekly Receipts at a Glance
| Category | This Week (10/25–10/31) | Last Week (10/19) | Last Year |
|---|---|---|---|
| Total Receipts | 13,685 | 13,808 | 16,641 |
| Feeder Cattle | 9,325 (68.1%) | 10,048 (72.8%) | 12,282 (73.8%) |
| Slaughter Cattle | 2,819 (20.6%) | 2,535 (18.4%) | 3,127 (18.8%) |
| Replacement Cattle | 1,541 (11.3%) | 1,225 (8.9%) | 1,232 (7.4%) |
Bottom Line for Montana Ranchers
It’s been a fall of contradictions. Calves are coming in heavier and in better shape than usual, pastures are holding well thanks to late rains, and demand for light-weight feeders headed west remains strong. But the light receipts, tight trucking, and that Friday CME bloodbath are keeping things complicated. If you’re holding cattle, the fundamentals still look supportive — but keep a close eye on those January and March futures as the market works through the selloff.
The feeding cow market continues to be one of the more interesting stories of the fall — with feeders and packers genuinely competing for inventory, even lame and blemished cows are finding homes. That’s a dynamic worth watching as we move deeper into November.
Source: USDA AMS Montana Weekly Livestock Auction Summary
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