BY USDA | April 29, 2021
RRN photo
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. USDAâs Risk Management Agencyâs (RMA) updates to the Dairy Revenue Protection (DRP) and Livestock Gross Margin (LGM) policies will be effective for the 2022 and succeeding crop years.
âWe are always looking for ways to improve the insurance program and coverage for our producers,â said RMA Acting Administrator Richard Flournoy. âWe strongly feel that these updates will benefit producers and their dairy and livestock operations in the years to come.â
(NAFB) – The Department of Agriculture this week announced updates to livestock insurance policies for 2022 and beyond.
USDA says the updates are designed to improve options for producers and to create additional opportunities for producers to participate. The changes include ensuring the Class Pricing Option remains available for purchase even when either the Class III or Class IV milk price is not published. USDA is also relaxing records requirements by allowing monthly total pounds of milk and milk components to be acceptable records instead of daily. The Livestock Gross Margin is available for cattle, dairy, and swine producers and provides protection against loss of gross margin, the market value of livestock minus feed costs.
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.
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