"Where Fillmore County News Comes First"
Monday, July 28th, 2014
Volume ∞ Issue ∞
- 1:39:15, Jul 27th 2014 - yes - Spanish books would be GREAT! They don't have any books now at FC and if your c ... [Read More]
- 1:30:09, Jul 27th 2014 - wow - Living on the Iowa border I will do all my shopping in Iowa if they do that! ... [Read More]
- 1:27:17, Jul 27th 2014 - in harmony - Hum...no tickets issued? Thats something I've never heard before. My X g ... [Read More]
- 3:01:39, Jul 22nd 2014 - Don K. - My medical premium will go up significantly next year under Obama care. Thi ... [Read More]
- 8:44:09, Jul 20th 2014 - @ new resident - Wykoff has a summer softball league for youths ages 5-18 and they ha ... [Read More]
- 11:28:08, Jul 18th 2014 - Go kaase! - Tom I hope you get elected as sheriff! Although you have worked in roche ... [Read More]
- 3:14:00, Jul 18th 2014 - SV citizen - I have concern that there would be a conflict of interest with Kaase bei ... [Read More]
- 1:22:00, Jul 18th 2014 - Bear - Obama care isnt the answer. Sure Mr. Grehl some people in Minnesota have medi ... [Read More]
- 9:13:08, Jul 18th 2014 - KingslandGrad95 - what?-even though smoking marijuana is illegal, unless the amount o ... [Read More]
- 6:52:38, Jul 17th 2014 - Kaase for Sheriff - First of all I think that both candidates have great ideas. But i ... [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."