USDA announced changes regarding further improvements to their Livestock Risk Protection (LRP) plan of insurance. The two changes include:
- Reducing the premium around 5%
- Allow premiums to be paid after the coverage ends, rather than upfront
The changes approved are not near what was requested on May 20th by the developer of LRP and myself as we went to the Crop Insurance Board of Directors to make LRP significantly more affordable. They accepted our proposal in part, but not in full. In mid-August, we will go back once more with the hope that they will finally make all the necessary changes so that cattle producers have an affordable option to mitigate downward price risk. Click here to read the full press release from USDA.