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Livestock gross margin - dairy insurance

By Jerrold Tesmer

Fri, Aug 31st, 2012
Posted in All Agriculture

Many dairy operators are expressing concern today about milk and feed prices and how they will plan ahead to maintain and strengthen their business positions. A common recommendation in risk management states that not only should one be protecting some milk price, but also protect some feed costs as well.

The USDA Risk Management Agency has been funded to open the Livestock Gross Margin-Dairy (LGM-D) insurance policy again after October 1, and it has from $20 -30 million more than last year with which it can operate, so hopefully it will be available for a longer time than last year. LGM-D offers the opportunity to protect both sides of the equation (milk and feed) with one insurance policy and in a fairly simple manner.

Unfortunately, many producers don’t fully understand the insurance, or are unfamiliar with how to purchase it if they do want it. University of Minnesota Extension and the Farm Business Management advisors in southeast Minnesota are hosting a webinar with Dr Brian Gould, University of Wisconsin, who has done extensive work preparing tools and educational materials to help people understand LGM.

The webinar will be Friday, September 14. It can be viewed individually at home or in your office, but much is often gained by interactive discussion with others so we will be hosting viewing sites and discussions at the Bank of Zumbrota, in Zumbrota and First National Bank, Plainview, for each the session. Webinars start at 10:30 am. There is no cost to participate in these programs.

For more information and receive a copy of the brochure contact:

Wayne Pike, 507-251-1937, wcpike@myclearwave.net; Tom Anderson, 507-259-6269, tom.anderson@riverland.edu; Jack LaValla, 507-951-9453, jack.lavalla@riverland.edu; Jennifer Smith, 507-323-0249, Jennifer.smith@riverland.edu; Rex Quam, 507-301-1140, rex.quam@riverland.edu; or Chuck Schwartau, 507-251-8903, cschwart@umn.edu.

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