Cattle traders at Myothit cattle market in Magway Region said that cattle prices had slumped as the cattle market in China had collapsed.
Cattle buyer Win Zaw coming from Taungdwingyi to Myothit cattle market said, “The cattle market has collapsed. Cattle which were sold last year at 1.3 million kyats can be bought now at 1 million kyats but there are only sellers and buyers can hardly be seen.”
There is an established cattle market in China that Myanmar sellers have used for years but the sales price of cattle has dropped by about 300,000 kyats per animal.
Myothit cattle market is held weekly on Tuesday and farmers from 53 village-tracts of Taungdwingyi Township come to this market for exchange of their cattle.
Myothit cattle market licensee Khaing Yin Moe said that cattle trading usually thrives in the summer season, the off-season for farmers.
“The beef traders and buyers for export market do not come to this Myothit cattle market. Only the farmers come to this market for exchange or swap. These farmers come to this market when they are free from agriculture work and they usually sell their cattle at a price, say about 1.5 million kyats and they buy back the cow at about the price of 1 million kyats. The surplus 0.5 million kyats can be used for other expenses. This cattle market thrives in summer season when the farmers are free from their agricultural work in the post-harvest season,” she said.
Usually over 100 cows are traded in the agricultural season and the number of cows traded in this Myothit cattle market usually increases to over 400 cows in post-harvest season.
Kyaw Htoo from Shwe Pan Pin village, Myothit Township, said, “Cattle trading is mostly not good as the cattle prices are sluggish and Chinese buyers barely come at present. Dairy cows are traded more at present rather than draft animals.”
It is learned that the current market price of cattle varies from a minimum of 300,000 kyats to 2 million kyats maximum based on the size and features of the cattle.