USDA launches new dairy decision tool
By Story Nicole Pierron Rasul; Story Nicole Pierron Rasul | |
Proquest LLC |
A new online tool designed to assist dairy producers in understanding coverage options under the new farm bill was developed in part by a dairy economist with
The
Thraen also holds appointments with Ohio State University Extension and the
The MPP online tool can be accessed on the following websites: www.fsa.usda.gov/mpptool, www.dairymarkets.org/MPP, and www.farmdoc.illinois.edu/farmbilltoolbox.
The four-step tool is easy to use, Thraen said. The tool helps producers calculate total premium costs and administrative fees associated with the program, as well as forecast MPP payments that will be made during the coverage year and the total MPP benefit that the producer can anticipate, he said.
To accompany the tool, the researchers have also developed a series of online educational resources and they will host a number of workshops around the country to train producers and educators on how to use the decision tool.
In using the MPP online tool, producers can also access a tool to make decisions regarding the Livestock Gross Margin-Dairy insurance program, also in the farm bill, Thraen said.
"The new Margin Protection Program should be viewed as new opportunity to effectively and affordably manage farm income volatility and market risk, and to avoid the catastrophic financial outcomes that played out in 2009 and again in 2012," he said. "In creating MPP, the 113th
"This is precisely what our research program here at Ohio State has created and the product of that research forms the basis for linking feed and milk prices with state-of-the-art forecasting techniques."
MPP took effect on
Due to these reforms, the
Thraen studies agricultural policy and risk analysis for the dairy industry, as well as dairy futures and options contract trading on the
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