"Where Fillmore County News Comes First"
Thursday, August 21st, 2014
Volume ∞ Issue ∞
- 8:00:02, Aug 19th 2014 - doc - Republicans want the truth, they just don't like facts. ... [Read More]
- 7:58:04, Aug 19th 2014 - doc - Gas prices were $4.25 the last summer that GWB was in office. ... [Read More]
- 4:40:55, Aug 19th 2014 - dave - Gas prices were $1.79 a gallon when GWB left office ... [Read More]
- 9:08:48, Aug 19th 2014 - doc - What was the MN unemployment rate when GWB was in office? ... [Read More]
- 10:48:03, Aug 15th 2014 - Retired - A quick google search offers numerous ideas for community education. Knitt ... [Read More]
- 10:44:01, Aug 15th 2014 - tom - I believe that part of what made this country great was the ability to work to ... [Read More]
- 12:31:16, Aug 14th 2014 - Mad Mike - All you liberal's think a like. You read what you want to read and liste ... [Read More]
- 10:28:11, Aug 13th 2014 - Dale Eppen - Herb, I am so happy you like Obama Care. I also assume you like half a ... [Read More]
- 9:54:03, Aug 11th 2014 - rschalow - Sign the Petition: Tell North Dakota Leaders that the oil companies aren't ... [Read More]
- 1:25:19, Aug 11th 2014 - NCLoon - Would Mr. Gudmonson please share with us where he gathered all of the data r ... [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 email@example.com, Wayne Pike at firstname.lastname@example.org
Jack LaValla at email@example.com, or Jerrold Tesmer at firstname.lastname@example.org 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."