September dairy cow slaughter was 12% greater than last year. Recent dairy cow slaughter gains have slowed but an announced herd retirement program should bring a boost to dairy cow slaughter next month. Reductions in the dairy

cow herd may be bullish for dairy prices as 2009 progresses. The current CME cheese markets are relatively weak but recent history indicates that notable additional declines are not likely from here. The butter market typically trends downward in November.