Changes have made LRP program more attractive to cattle producers
By Ken Anderson, Brownfield
November 13, 2020
Recent changes to the USDA’s Livestock Risk Protection (LRP) insurance program have made it a much more attractive risk management tool for cattle producers, according to Brandon Willis with Utah-based Ranchers Insurance.
“If you’ve heard of LRP before and you thought, ‘nah, it’s not worth my time’, it probably wasn’t then. But I can tell you, it is now,” Willis says. “If you’re running your operations as a business, this is a program you should pay attention to.”
Willis encourages interested cow-calf producers not to wait until calves are on the ground.
“You want to be looking at this now if you’re a cow-calf producer because unborn calves can be insured,” he says. “So if the market in November-December-January-February gets to where you want it to be—and it might not be there today, I’ll admit that—but if it gets there, you might want to lock in a profit for next June-July-August-September.”
Among other changes, USDA increased...