"Where Fillmore County News Comes First"
Thursday, March 13th, 2014
Volume ∞ Issue ∞
- 8:58:49, Mar 10th 2014 - dan - Great letter Steve! That is attitude we should be taking, alternatives will be ... [Read More]
- 3:44:17, Mar 7th 2014 - Robert - Fossil fuels are damaging are resources, polluting are air & water and destr ... [Read More]
- 12:32:02, Mar 7th 2014 - - "Turks suffered at the hands of Greece, Bulgaria, and Serbia. Hundreds of thousand ... [Read More]
- 7:38:38, Mar 5th 2014 - bootscoot21 - Thank you Dr. Van Gorp for this complete look at what our generation is ... [Read More]
- 8:39:53, Mar 4th 2014 - firstname.lastname@example.org - Excellent commentary, very thoughtful. Although quite len ... [Read More]
- 9:54:09, Mar 1st 2014 - - We have lost a good friend from Harmony High school class of 1970. I have many goo ... [Read More]
- 9:48:08, Mar 1st 2014 - - Rest in Peace Loenard ... [Read More]
- 9:14:19, Feb 25th 2014 - email@example.com - Eric, I don't know if you remember me but I am Erik Paulsen's M ... [Read More]
- 8:58:12, Feb 25th 2014 - jjoyengel - You are both wonderful people! You have and are doing something not just ... [Read More]
- 3:16:25, Feb 24th 2014 - TY - THANK YOU FCJ! I am not sure any of this would have happened without the excelle ... [Read More]
Fri, Nov 12th, 2010
Posted in Agriculture
Posted in Agriculture
Those initials certainly didn't mean much when I first saw them; they stand for Livestock Gross Margin and Livestock Risk Protection Insurance. Livestock Gross Margin Insurance provides protection against the loss of gross margin (market value of livestock minus feed costs) for Dairy (Milk), Feeder Cattle, Fed Cattle, Swine and Lambs.
For example, LGM Dairy Cattle provides protection to dairy producers when feed costs rise or milk prices drop. Gross margin is the market value of milk minus feed costs. LGM Dairy uses futures prices for corn, soybean meal, and milk to determine the expected gross margin and the actual gross margin.
LGM for Swine, Feeder Cattle, Fed Cattle, and Lambs works similarly. In all cases, the price the producer receives at the mailbox is not used in gross margin calculations. Livestock Risk Protection Insurance is a price only insurance policy that insures against a price fall and may be considered similar to a minimum pricing contract.
If you would like to learn more about LGM/LRP there will be a workshop on Friday, December 3, Room 108, Fillmore County Office Building, 902 Houston Street, Preston. Our presenter is Wendy S. Amundson, agri-business sales representative, Wells Fargo Insurance, Inc.
We will begin with the Beef and Swine LGM/LRP session at 9:30 until 11:30. At that time, participants can either leave for lunch or we can order sandwiches on a Dutch treat basis.
At 12:30 until 2:30 we have our session on Dairy LGM/LRP. Participants can come for both sessions or either one. There is no fee to attend this workshop.
For more information prior to the workshop, go on-line to http://www.rma.usda.gov/pubs/rme/fctsht.html.
For the Risk Management Agency's list of livestock price insurance providers in Minnesota, go to http://www3.rma.usda.gov/tools/agents/companies/2010/minnesotaLPI.cfm.
Space is limited. Please RSVP by Wednesday, December 1, by contacting one of the following: Dan B. Miller at firstname.lastname@example.org, Wayne Pike at email@example.com
Jack LaValla at firstname.lastname@example.org, or Jerrold Tesmer at email@example.com or call 507-765-3896.
The program is sponsored by Riverland Community College Farm Business Management, the University of Minnesota Extension, and Wells Fargo Insurance, Inc. "This will give you another tool in your marketing toolbox. It fits in with any size livestock operation. Many producers shy away from contracting because of the size of the contracts. These products have no upper or lower limits so can benefit almost everyone who is interested."