A rise in local breed coupled with the entry of cattle from India has caused price to steeply fall the day before Eid-ul-Azha leaving traders in Dhaka counting losses.
Traders in capital were forced to cut prices on the eve of Eid and many more had to travel back with their cattle.
According to them, cow farming experienced a hike over the last one year after the cattle crunch in Dhaka during Eid last year.
“The supply was sufficient as farms raised more native cows this year keeping in mind last year’s crisis in Dhaka,” Kamalapur-based trader Gias Uddin told Bangla Tribune.
Moreover, a week before the Eid was Aug 15, the national mourning day, when demand shoots up as political organisations across the country organise food giveaways.
Coupling these factors, traders anticipated that the demand this year would be high ahead of the Eid resulting in higher prices.
The livestock ministry said in a statement on Sunday some 11.6 million cows were ready for slaughter this year against 10.4 million last year.
Citing a trend analysis of figures over the last few year, it said that 11.6 million cows were sufficient to meet the demand.
According to traders, the demand was high in the opening days of makeshift cattle markets across Dhaka.
Several traders refrained from selling off then in the hope of better prices as they anticipated a crisis during the final days.
But the government was monitoring the whole thing and allowed to enter cattle from India and Myanmar.
According to rough estimates, the number of cattle crossed the border ahead of the Eid is something between 1.6 million and 2 million.
The influx caused the prices to fall significantly.
The price crash, however, left customers with all smiles as those who had gone to the cattle markets in the final hours got a food bargain.
“Price of Indian cows are significantly lower than the native ones. It costs much more to raise a native cow and we would lose money if we sell in price matched to those,” said Manikganj’s Younus Ali.
He along with 12 others from his village came to Dhaka with 26 cows and camped at the Meradia cattle market in Dhaka. Until Monday, they sold eight from the herd, but late on Tuesday there were no buyers for the remaining 18.
Md Latfur Rahman, one of the operators of the Gabtali cattle market, described this year’s scenario as “very bad”.
“The supply is abundant with a good number of cows from India. Traders with cows raised in local farms are in trouble as they are finding hard to make money. A lot of them have sold-off in lower prices,” he told Bangla Tribune.