Parts of the leg almost drop a little lower (5)

I believe the answer is:

calve

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'drop a little lower' is the definition.
(a calve is a lower, something which 'lows')

I don't understand the remainder of the clue.

Can you help me to learn more?

(Other definitions for calve that I've seen before include "Give birth (eg to elephant)" , "little lower?" , "(Iceberg) shed ice" , "Breed" , "Produce a young cow" .)

I've seen this clue in The Times.

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