Insurance program gives dairy producers chance to protect gross margins

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HARRISBURG, Pa. — A dairy insurance program is being simplified to help dairy producers purchase insurance to help control market fluctuations and protect their investments.

Revisions to the Livestock Gross Margin plans of insurance, including the Livestock Gross Margin for Dairy program, were announced by the Federal Crop Insurance Corporation.

These changes will take effect July 1.

Have the option

Dairy producers now have the option of either using their own feed prices or using the default feed coefficients added for the Livestock Gross Margin for Dairy program.

In the past, dairy producers calculated their basis and converted their own soybean and corn purchases into feed coefficients.

The revisions also extended the window of opportunity to purchase a policy from a 12-hour period to a 24-hour period each month.

Prices are announced the last business Friday of each month and producers have until 8 p.m. the next evening to purchase a policy based on those prices.

Application

Producers interested in Livestock Gross Margin for Dairy plans of insurance should contact their crop insurance agent and complete an application, which will be submitted through an approved insurance provider to the Federal Crop Insurance Corporation.

List of agents

A list of agents authorized by their insurance providers to write Livestock Gross Margin for Dairy policies can be found at www.rma.usda.gov.

For more information contact your local crop insurance agent, call 717-346-0849 or e-mail azepp@centerfordairyexcellence.org.

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