USDA’s Farm Service Agency (FSA) is updating the Livestock Indemnity Program (LIP) payment rate amid higher heat and humidity conditions this summer.
The 2023 LIP payment rate is being updated for beef calves over 800 pounds from $1,244/head to $1,618/head, a $374 increase.
“The recent heat domes plaguing many parts of the country have proven to be unsurvivable for some animals and temperatures are not expected to let up any time soon,” said FSA Administrator Zach Ducheneaux in a statement.
LIP payments are made at a rate of 75% of the prior year’s average fair market value of the livestock, according to USDA.
The updated payment rate is effective immediately and will be applied retroactively beginning Jan. 1, 2023, for eligible losses, including excessive heat, tornado, winter storms and other adverse weather.
For eligibility info, visit tinyurl.com/bddsu5jk.
