Crossword Genius

Highly valued ruminant animal discussed (4)

Ross

I believe the answer is:

dear

'highly valued' is the definition.
(expensive)

'ruminant animal discussed' is the wordplay.
'ruminant animal' becomes 'deer'.
'discussed' shows a homophone (sound like).
'deer' is a homophone of 'DEAR'.

(Other definitions for dear that I've seen before include "At a high cost" , "pet > ducks" , "Baby" , "polite form of address" , "letter opener" .)

I've seen this clue in The Times.
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