"Where Fillmore County News Comes First"
Tuesday, March 31st, 2015
Volume ∞ Issue ∞
- 3:21:04, Mar 31st 2015 - doc - Not to mention ignoring science yet believing in fairy tales. ... [Read More]
- 12:16:25, Mar 31st 2015 - Vikefan 1 - To Left Winger: You choose to call what Reagan and Bush did as "tweak ... [Read More]
- 9:53:03, Mar 31st 2015 - left winger - vikefan please get you facts straight, What Regan did was a technical c ... [Read More]
- 2:52:28, Mar 30th 2015 - Typical - Vikefan, The main difference between me an you is I have my own opinion. ... [Read More]
- 11:09:25, Mar 30th 2015 - vikefan 1 - To Typical Obama violating protocol by using executive actions? Do you ... [Read More]
- 8:26:07, Mar 30th 2015 - Typical - "To bypass the President of the United States and invite the leader of a f ... [Read More]
- 6:05:13, Mar 28th 2015 - Fillmore mom - I really enjoyed this article, too bad others used it as their persona ... [Read More]
- 12:29:12, Mar 28th 2015 - vikefan 1 - To Thanks! About blindly following Obama and his governing policies, yo ... [Read More]
- 5:23:52, Mar 27th 2015 - Jimbo79 - Sure, small towns have overlapping news. It seems odd that one should foll ... [Read More]
- 5:18:28, Mar 27th 2015 - FountainFarmer - johnqpublic, To expand on my previous post:,Let me ask you a que ... [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."