If you are raising cattle, swine or selling milk; there are subsidized insurance programs available to you. There are 3 different types of policies available. Here is a quick summary of how they each work:
DAIRY REVENUE PROTECTION (DRP)
• Available for Milk
• Gives you protection against the decline in the quarterly milk price.
• You may cover on a class or component basis.
• Available to purchase daily after market close. Sales close at 8:30 am the following day.
LIVESTOCK RISK PROTECTION (LRP)
• Protects against a decline in the price of feeder cattle, fat cattle or swine.
• Sold in increments from 13 weeks to 52 weeks.
• Available to purchase daily after markets close. Sales end at 8:30 am the following day.
LIVESTOCK GROSS MARGIN (LGM)
• Covers a margin of profit using final price and feed costs for cattle, swine, or milk.
• Available to purchase every Thursday after markets close and prices are announced.
If you think one of these policies may help your operation, please contact your agent for more information.