USDA has updated crop insurance options in order to reach more swine, dairy and cattle producers through the Dairy Revenue Protection (DRP), Livestock Gross Margin (LGM), and Livestock Risk Protection (LRP) programs.
Surging commodity prices have pushed crop insurance guarantees to record highs or near-record highs for farmers in the Midwest and Plains states this spring, which will help them protect their revenue against the soaring input costs.
Higher prices for meat and other foods are helping fuel the inflation that is pinching consumers. Supermarket prices rose 0.8% in June, driven by a 2.5% increase for meat, poultry, fish, and eggs. Beef prices rose 4.5% last month.
Livestock producers across the West and northern Plains are relying heavily on rangeland insurance policies this year, even as the Agriculture Department considers changes to the program that could limit future indemnities for some farmers and ranchers.