A gypsum slurry is described that includes water, a hydraulic component comprising at least 50% calcined gypsum by weight based on the dry weight of the hydraulic component, foam, a defoamer and a polycarboxylate dispersant. In some embodiments of the invention, the defoamer is combined with the dispersant prior to being added to the gypsum slurry. The defoamer and dispersant can be added as a physical mixture, wherein the defoamer is attached onto the dispersant polymer, or a combination thereof. In some embodiments, a gypsum building panel is made from the gypsum slurry.