Executive Summary U.S. dairy cow slaughter figures provided by USDA were recently updated with values spanning through Mar ’18. Highlights from the updated report include:

• U.S. dairy cow slaughter increased on a YOY basis for the 14^th consecutive month during Mar ’18, finishing up 8.0% when normalized for slaughter days. The YOY increase in slaughter rates was the largest experienced in over five years on a percentage basis. Slaughter rates reached a 34 year seasonal high for the month of March.
• YOY increases in dairy cow slaughter continue to be led by the Northwestern United States. Dairy cow slaughter within Standard Federal Region 10 (Alaska, Idaho, Oregon and Washington) finished most significantly higher, up 16,600 head from last year.
• Dairy cow slaughter within Standard Federal Region 9 (Arizona, California, Hawaii and Nevada) declined on a YOY basis for the second consecutive month, finishing down 4,000 head.

Additional Report Details According to USDA, Mar ’18 U.S. dairy cow slaughter declined 1.2% MOM but remained up 8.0% YOY when normalized for slaughter days, finishing at a 34 year seasonal high for the month of March. The YOY increase in U.S. dairy cow slaughter rates was the 14^th experienced in a row and the largest experienced in over five years on a percentage basis. The MOM decline in slaughter rates of 1.2% was significantly smaller than the ten year average February – March seasonal decline of 3.3%. ’16-’17 annual dairy cow slaughter rates increased by 2.5% YOY, finishing at a four year high, while ’17-’18 YTD slaughter rates are up an additional 4.7% throughout the first half of the production season. Despite recently experienced increases in slaughter rates, the Feb ’18 U.S. milk cow herd increased to a 22 year high. As of Feb ’18, the total U.S. milk cow herd stands at 9.410 million head, which is 45,000 head more than February of last year. The most significant MOM declines in dairy cow slaughter continue to be exhibited within Standard Federal Region 9 (Arizona, California, Hawaii and Nevada). Seasonal figures for Standard Federal Region 5 (Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin) were released for the first time since 2015, finishing 6,300 head above Mar ’15 figures. Slaughter figures for Standard Federal Region 5 were not available from Mar ’16 until Dec ’17 to avoid disclosing data for individual operators. The largest YOY increases in dairy cow slaughter continue to be exhibited within Standard Federal Region 10 (Alaska, Idaho, Oregon and Washington), while YOY slaughter rates within Standard Federal Region 9 (Arizona, California, Hawaii and Nevada) declined most significantly. Dairy cow slaughter within Standard Federal Region 9 (Arizona, California, Hawaii and Nevada) declined 4.4% MOM and 4.4% YOY when normalized for slaughter days, finishing lower on a YOY basis for the second consecutive month.