Billings Livestock Commission market report — October 22, 2026

Billings, MT · Thursday sale · USDA report published 10/22/2026 · Sale days

Head sold

3,119

Last week 4,224 (−1105)
Last year 4,837

Unweaned 5-wt steers (500–599 lb)

$438.06 /cwt

$2,407 per head · 633 hd
vs last week −0.59

Unweaned 7-wt steers (700–799 lb)

$365.27 /cwt

$2,606 per head · 74 hd
vs last week +5.36

Headline prices here are unweaned calves. Over the last 13 weeks USDA reported more unweaned No. 1 and 1–2 calves than weaned regular lots at Billings Livestock Commission, so the cards, trends, charts and recent sales use unweaned lots. The weight tables below list regular lots first, with unweaned in its own column.

Compared to last sale (10-15-26): Yearling steers were too lightly tested to develop any market trend. Yearling heifers were too lightly tested to develop an accurate market trend, however higher undertones were noticed. Steer calves under 400 lbs were too lightly tested last week to develop an accurate market trend, however higher undertones were noticed. Steer calves 400-549 lbs sold mostly steady to 8.00 higher, steer calves 550 lbs and heavier sold generally steady. Heifer calves under 450 lbs were too lightly tested last week to develop an accurate market trend, however steady undertones were noticed. 450-499 lbs heifer calves sold 5.00-10.00 higher, 500-549 lbs higher sold mostly 2.00-4.00 higher, heifers over 550 lbs sold mostly 10.00 lower. Calves were offered in mostly small to moderate size packages this week with a no load lots seen. Buyers were forced to pick around as they bid on small packages to fill orders. Quality this week was mixed but mostly average to attractive. Overall quality was not as attractive as last week. Fewer heifer buyers were in the market, especially on heifers over 550 lbs. Many cut-back calves continue to be seen off summer video sales. Demand for light weight calves continues to strengthen as western buyers push to fill winter grazing. Demand for light weight calves did diminish as buyers filled loads and exited the market. Market activity was mostly active. Billings livestock commission will not sale cows or bulls again this fall on Thursdays. Cows will be sold on Mondays during the fall run.
USDA Market News reporter, October 22, 2026

Feeder steers — Oct 22

Steers, Medium and Large frame, No. 1 and 1–2 muscle, regular lots, head-weighted by 100-lb band. Last week = sale of Oct 15. Last year = sale of Oct 23. Unweaned = calves sold straight off the cow. These are kept out of the main price.
Weight	Head	Avg wt	$/cwt	$/head	vs last week	vs last year	Unweaned $/cwt
300–399 lb	—	—	—	—	—	—	$607.47 (60 hd)
400–499 lb	—	—	—	—	—	—	$508.08 (229 hd)
500–599 lb	30	563 lb	$420.80	$2,369	−15.20	+20.80	$438.06 (633 hd)
600–699 lb	62	664 lb	$412.50	$2,739	—	—	$390.57 (309 hd)
700–799 lb	—	—	—	—	—	—	$365.27 (74 hd)
800–899 lb	11	887 lb	$324.16	$2,875	−2.56	−21.84	—
900–999 lb	71	953 lb	$322.53	$3,075	—	+0.53	—

Feeder heifers — Oct 22

Heifers, Medium and Large frame, No. 1 and 1–2 muscle, regular lots, head-weighted by 100-lb band. Last week = sale of Oct 15. Last year = sale of Oct 23. Unweaned = calves sold straight off the cow. These are kept out of the main price.
Weight	Head	Avg wt	$/cwt	$/head	vs last week	vs last year	Unweaned $/cwt
300–399 lb	—	—	—	—	—	—	$477.87 (34 hd)
400–499 lb	11	475 lb	$445.00	$2,114	—	—	$451.11 (182 hd)
500–599 lb	—	—	—	—	—	—	$386.42 (371 hd)
600–699 lb	—	—	—	—	—	—	$348.23 (73 hd)
700–799 lb	79	784 lb	$346.01	$2,711	—	−7.50	—
800–899 lb	20	853 lb	$338.25	$2,884	+33.25	−9.70	—
900–999 lb	29	923 lb	$315.83	$2,915	—	−20.66	—

Slaughter cows — Oct 19

Grade	Dressing	Head	Avg wt	Avg $/cwt	Range $/cwt
Boner 80-85%	High	71	1,333 lb	$152.41	$146.50–$162.00
Boner 80-85%	Average	59	1,320 lb	$146.74	$134.00–$155.00
Boner 80-85%	Low	40	1,285 lb	$117.15	$109.00–$126.00
Breaker 75-80%	High	37	1,503 lb	$146.54	$140.00–$150.00
Breaker 75-80%	Average	102	1,487 lb	$147.87	$121.00–$154.00
Breaker 75-80%	Low	37	1,531 lb	$119.00	$97.50–$136.00
Lean 85-90%	High	31	1,232 lb	$142.78	$135.00–$150.00
Lean 85-90%	Average	36	1,186 lb	$137.72	$120.00–$147.50
Lean 85-90%	Low	56	1,168 lb	$107.87	$100.00–$116.00
Lean 85-90%	Very Low	27	1,131 lb	$91.96	$85.00–$97.50

Price trends

Unweaned steers 500–599 lb Rising

Latest (week of October 19, 2026): $433.47/cwt
4-week average: $432.70
13-week average: $420.28
4-week vs 13-week: +3.0%

52-wk low $387.50high $532.50

Sales in 9 of the last 13 weeks.

Unweaned steers 700–799 lb Steady

Latest (week of October 19, 2026): $365.27/cwt
4-week average: $355.68
13-week average: $353.41
4-week vs 13-week: +0.6%

52-wk low $333.27high $389.00

Sales in 5 of the last 13 weeks.

Unweaned heifers 500–599 lb Rising

Latest (week of October 19, 2026): $382.77/cwt
4-week average: $386.70
13-week average: $375.40
4-week vs 13-week: +3.0%

52-wk low $345.00high $472.50

Sales in 8 of the last 13 weeks.

Direction compares the 4-week average with the 13-week average: Rising +1% or more, Steady within ±1%, Easing −1% to −3%, Falling −3% or more. Weekly prices are head-weighted averages of Medium and Large No. 1 and 1–2 feeder cattle, unweaned lots only.

The label describes recent prices; it is not a forecast. In our backtest of every barn since 2019 (about 35,000 barn-weeks), barns labeled Falling went on to beat other barns' average move over the next 13 weeks 61% of the time, and barns labeled Rising trailed it 56% of the time.

Last 52 weeks

Weekly average $/cwt, unweaned calves4-week average

Price history since 2019

Weekly average $/cwt, unweaned calves

When to sell: the seasonal pattern

The seasonal pattern uses regular (weaned) lots, which have years of history at this barn; unweaned calves sell mostly in the fall.

5-weight steers

For 500–599 lb steers, prices since 2019 ran highest against their yearly average in Apr and May and lowest in Nov and Sep.

Each month's head-weighted average price compared with the centered 12-month average around it, then averaged across years. Past patterns are not a forecast.
Month	vs year avg	Years above	Years
Jan	+1.6%	71%	7
Feb	+4.1%	86%	7
Mar	+4.4%	86%	7
Apr	+5.7%	71%	7
May	+5.6%	100%	7
Jun	+4.3%	71%	7
Jul	−0.5%	60%	5
Aug	—	—	2
Sep	−5.6%	33%	3
Oct	−5.1%	17%	6
Nov	−6.4%	0%	7
Dec	−3.3%	14%	7

7-weight steers

For 700–799 lb steers, prices since 2019 ran highest against their yearly average in Sep and Aug and lowest in Dec and Nov.

Each month's head-weighted average price compared with the centered 12-month average around it, then averaged across years. Past patterns are not a forecast.
Month	vs year avg	Years above	Years
Jan	−1.4%	43%	7
Feb	−1.2%	57%	7
Mar	−0.4%	71%	7
Apr	0.0%	43%	7
May	+1.6%	71%	7
Jun	+2.1%	71%	7
Jul	+2.2%	50%	6
Aug	+2.8%	62%	8
Sep	+4.7%	71%	7
Oct	0.0%	43%	7
Nov	−1.7%	29%	7
Dec	−3.2%	29%	7

Recent sales

Last 13 weeks. † Based on fewer than 5 head; treat as a rough price. Download the weekly history as CSV.
Sale	Head sold	Unweaned Steers 500–599 $/cwt	Unweaned Steers 700–799 $/cwt	Unweaned Heifers 500–599 $/cwt
Thu Oct 22	3,119	$438.06	$365.27	$386.42
Mon Oct 19	1,212	$394.14	—	$370.24
Thu Oct 15	4,224	$438.65	$359.91	$392.61
Mon Oct 12	692	$375.15	—	$344.41
Thu Oct 8	2,583	$430.84	$341.88	$386.29
Thu Oct 1	1,104	$430.27	—	$387.62
Thu Sep 24	1,779	$429.06	$345.00	$384.20
Thu Sep 17	939	—	—	—
Thu Sep 10	1,743	$402.63	$355.00	$355.69
Thu Sep 3	666	$387.50†	—	$371.50
Thu Aug 27	865	$410.00	—	$345.00
Thu Aug 13	828	$422.50†	—	—
Thu Jul 23	680	—	—	—

Nearby barns this week

Straight-line distance between towns. Barns tagged unweaned show unweaned-calf prices. Every Montana sale this week.
Barn	Distance	Sale	Steers 500–599	Steers 700–799
Public Auction Yards Livestock, Billingsunweaned	0 mi	Oct 23	$434.66	—
Miles City Livestock Commission Auction, Miles Cityunweaned	137 mi	Oct 20	$433.40	—

Sale days

Sale	Latest report	Head	Sales in 52 weeks	USDA report
Thursday	October 22, 2026	3,119	40	AMS_1777
Monday	October 19, 2026	1,212	11	AMS_1775

Source: USDA AMS Livestock, Poultry and Grain Market News, “Billings Livestock Commission Cattle Auction - Billings, MT (Thu)” (AMS_1777); “Billings Livestock Commission Cattle Auction - Billings, MT (Mon)” (AMS_1775). See something wrong? Report a correction. Feeder prices are Medium and Large frame No. 1 and 1–2 cattle, $/cwt, grouped into 100-lb bands by average weight and weighted by head count. Value-added, unweaned and No. 2 lots are shown in their own columns; other lot types (fancy, fleshy, thin-fleshed, spayed, replacement) are left out. $/head = $/cwt × average weight ÷ 100.