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.
The changes include allowing producers to purchase coverage on a weekly basis instead of monthly. Risk Management Agency Acting Administrator Richard Flournoy says, “We strongly feel that these updates will benefit producers and their dairy and livestock operations in the years to come.”