Sheep prices in Eastern Province markets dropped by 13 to 20 percent last week, contrary to forecasts of price hikes with the advent of the holy month of Ramadan, a major season for consumption of red meat. Humaid Bashir, a sheep trader, said the prices of Al-Na'emi sheep have dropped by SR200-300 and have settled between SR1200 and SR1300. He attributed the price drop to an increase in supplies, which have been in abundance since imports from Syria resumed. The trader ruled out any price hike even as the Ramadan season draws near. Prices have also dropped for the Sudanese Sawakini sheep by SR150 and have settled between SR500 and SR700. But the price for Barbari sheep has remained stable at SR450, he said. The recent barley crisis has not affected price trends, said Bashir, who explained that the commodity's scarcity in the market caused many traders to use alternative fodder that provides similar advantages and benefits. He said supply and demand are the basic factors that determine the prices in local markets, Bashir said. While prices have dropped, the number of purchases for the holy month of Ramadan are still below the desired level, according to Bashir, who expects a flurry of purchases in the days before Ramadan, specifically with the end of the third week of Sha'aban. Sheep traders primarily rely on butcheries to purchase large numbers of sheep to be slaughtered and sold as meat, while purchases by individuals make up the second-highest number of sales, he said. Butcheries are year-round customers so traders sign deals with them at the beginning of the buying periods to provide the required quantities at the required times, Bashir said. __
