The Department of Agriculture’s Risk Management Agency Monday announced several enhancements to the Dairy Revenue Protection, Livestock Gross Margin and Livestock Risk Protection Programs.
Risk Management Agency Administrator Martin Barbre says the changes “strengthen risk management options and provide peace of mind in times of unpredictable market fluctuations.”
The Livestock Gross Margin program protects against loss of gross margin or the market value of livestock minus feed costs. The Bipartisan Budget Act of 2018 removed the livestock capacity limitation, which allowed the program to remove the individual capacity limitation under the cattle, dairy and swine program.
The Livestock Risk Protection program protects livestock producers from the impact of declining market prices. Improvements include expanded coverage for swine, fed and feeder cattle to all states.
The Dairy Revenue Protection program is designed to cover unexpected declines in the quarterly revenue from milk sales compared with a guaranteed coverage level. Improvements for the 2020 crop year include changes in minimum declarations for butterfat and adjusting coverage levels.
Learn more about the changes at https://www.rma.usda.gov.
Source: National Association of Farm Broadcasters