Apr 30, 2021
USDA’s Risk Management Agency is updating livestock insurance policies. The RMA updates to the Dairy Revenue Protection (DRP) and Livestock Gross Margin (LGM) policies will be effective for the 2022 and succeeding crop years.
“We are always looking for ways to improve the insurance program and coverage for our producers,” said RMA Acting Administrator Richard Flournoy. “We strongly feel that these updates will benefit producers and their dairy and livestock operations in the years to come.”
Updates to DRP
DRP has been RMA’s most successful livestock product. In just its second year, it covered about 30% of milk production. It provided critical protection against unexpected decreases in prices, due to COVID and other causes, paying around $478 million to dairy producers.
USDA improves livestock crop insurance policies with new options
wisfarmer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wisfarmer.com Daily Mail and Mail on Sunday newspapers.
USDA improves livestock crop insurance policies with new options
thefencepost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thefencepost.com Daily Mail and Mail on Sunday newspapers.
WASHINGTON,
April 28, 2021 The U.S. Department of Agriculture is updating livestock insurance policies to improve options for producers and to create additional opportunities for producers to participate. USDA’s Risk Management Agency’s (RMA) updates to the Dairy Revenue Protection (DRP) and Livestock Gross Margin (LGM) policies will be effective for the 2022 and succeeding crop years
“We are always looking for ways to improve the insurance program and coverage for our producers,” said RMA Acting Administrator Richard Flournoy. “We strongly feel that these updates will benefit producers and their dairy and livestock operations in the years to come.”
DRP has been RMA’s most successful livestock product. In just its second year, it covered about 30% of milk production. It provided critical protection against unexpected decreases in prices, due to COVID and other causes, paying around $478 million to dairy producers.
Todd Johnson, OSU Agricultural Communications Services
Livestock Risk Protection insurance might be an option for cattle producers looking to retain ownership of their livestock this summer. Cattle are the largest agricultural commodity in Oklahoma, according to National Agricultural Statistics Service data. Consider whether USDA s Livestock Risk Protection insurance program would be beneficial to your operation.
The rising feedlot cost of gain in the southern Great Plains should have cattle producers considering economic opportunities for operations in forage-based stocker and backgrounding programs, said Oklahoma State University Extension experts.
Cost of gain, or the expense of gaining a pound of livestock bodyweight, involves several critical factors such as feed costs, flesh condition, animal genetics, weather and cattle health. When grain prices rise and cost of gain increases – as is currently the case – feedlot operators shift their favo