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The Risk Management Agency (RMA) and the Dairy Revenue Protection (DRP) submitter identified that there is potential for prices to vary from the market-closing price established on Friday afternoon as compared to prices when trading resumes on Sunday afternoon.
The Livestock Gross Margin (LGM) actual gross margins are posted by the Risk Management Agency (RMA) by the end of the first full business week of the months of February, April, June, August, October, and December. Due to the COVID-19 pandemic and its impact on the livestock industry, RMA is expediting the release of actual ending values to allow producers to receive payments faster.
Both the Dairy Revenue Production (DRP) and Livestock Gross Margin for Dairy (LGM-Dairy) programs require dairy producers to market an amount of milk that is proportionate to the amount of insurance coverage they have purchased. This milk must be sold to count towards milk being delivered to the market, or ‘marketed’.
On November 15, 2019, the Federal Crop Insurance Corporation's Board of Directors (Board) approved revisions to the Dairy Revenue protection (DRP) plan of insurance, under section 508(h) of the Federal Crop Insurance Act. The following revisions are applicable for the 2021 and succeeding crop years:
The Dairy Margin Coverage (DMC) program, administered by the Farm Service Agency (FSA), and the Livestock Gross Margin for Dairy policy (LGM-Dairy), administered by the Risk Management Agency (RMA), offer similar risk management protection for dairy producers. On December 20, 2018, the Agriculture Improvement Act of 2018 was signed into law, allowing producers to participate in both programs.
As of April 22, 2019 the following information is now available on the FTP site:
Users can find this information in the following directories:
Additional notes and details regarding this data release:
The Federal Crop Insurance Corporation's (FCIC) Board of Directors (Board) approved revisions of the Livestock Risk Protection for Feeder Cattle, Fed Cattle, and Swine plans of insurance on May 24, 2018. The revisions were requested by Applied Analytics Group, the owners of the LRP plans of insurance. The Board approved the following revisions for the 2020 crop year starting July 1st:
The Federal Crop Insurance Corporation's (FCIC) Board of Directors (Board) approved revisions of the Livestock Gross Margin (LGM) for Cattle, Dairy Cattle, and Swine plans of insurance on March 27, 2019, submitted under Section 523(b) of the Federal Crop Insurance Act.
The revisions include removing the following program limitations for the 2020 crop year starting July 1, 2019:
