Price risk management for livestock operations is just as important as crop price management. Often contracts and access to markets is a paramount concern for hog and cattle farmers. One way to manage livestock price risk is the use of Livestock Risk Protection insurance. In 2020, the Risk Management Agency made changes to the insurance that make it even more worth consideration. Federal premium subsidies were increased and the arrangements to pay the premium were changed in favor of livestock farmers. These changes, plus the flexibility to use the insurance on very small groups of livestock, make LRP worth consideration.
Iowa Farm Bureau is hosting a two-part series to get practical (examples) information to livestock farmers. The first webinar (June 9) will be an overview of the practical use of LRP for hogs and cattle. For more information on this and the two-part series, please click here.