USDA is updating livestock insurance policies to improve options for producers and create additional opportunities for producers to participate, the department said in a news release.
The Risk Management Agency’s updates to the Livestock Gross Margin (LGM) policies will be effective beginning in the 2022 crop year. LGM is available for cattle, dairy, and swine producers and provides protection against loss of gross margin. USDA will be allowing producers to purchase coverage on a weekly basis instead of monthly.
USDA will also be updating the Livestock Risk Protection program, which is available for feeder cattle, fed cattle and swine, and protects producers against declining market prices. Recent changes to the program include increased herd limits and additional subsidy increases.
