USDA set to take livestock risk management on road

To help livestock producers know what insurance resources are available and to answer questions, USDA Risk Management Agency is hosting a Livestock Roadshow. It is a series of workshops for producers to learn about updates and improvements to several livestock risk management products.

To help get the word out, RMA Administrator Marcia Bunger - who's farmed and raised livestock for more than 40 years - teamed up with the National Cattlemen's Beef Association to pitch the roadshow on the latest "Beltway Beef" podcast.

"In the last couple years, we have seen a significant growth and interest in the products that RMA has rolled out, and we've added enhancements, improvements and some new products," she said.

Astronomical growth

Growth in the use of livestock risk management programs has been astronomical. Over the last two years, the Livestock Risk Protection program has grown by 250%, the Livestock Gross Margin program has grown by 600% and there are more acres insured under the Pasture, Rangeland and Forest program than corn, soybean and wheat combined, she said.

Livestock producers have really grabbed ahold of the Pasture, Rangeland and Forest insurance, and the program continues to grow, she said.

Risk management programs

During the roadshow, RMA subject-matter experts will be presenting information on a suite of different policies, including:

Annual Forage.

Dairy Revenue Protection.

Livestock Gross Margin.

Livestock Risk Protection.

Pasture, Rangeland and Forage.

Weaned Calf Risk Protection - a pilot program that will be offered in South Dakota, Nebraska, Colorado and Texas this year.

Feedback welcome

"There's going to be a number of policies that will be talked about. And of course at the same time, we're always keeping our ear to the ground because we're going to hear feedback - and we welcome feedback, we need to hear it," she said.

"We need to continue to improve upon what we have and even possibly start to think about possible new lines of products," she said.

For livestock producers who might have heard about the risk management programs but don't participate, her message is to listen and ask questions, talk to other producers or talk to an insurance agent. RMA has an agent locator on its website to assist, she said.

Livestock producers are pretty independent, but she urged them to bring up the topic at the local coffee shop, hear from others and share their own experience.

Important to lenders

Participation in livestock risk management programs isn't required by government, but most lenders require some type of risk management coverage, especially for crops.

"I think your banker will give you a good insight, especially as it ties into your own individual operation," she said.

While none of the in-person workshops are in the Pacific Northwest, a virtual session is set for Jan. 17 at 7 p.m. PT.