Volatile prices spark increased interest in Livestock Risk Protection
A crop insurance agent says volatile futures prices for hogs and cattle have more producers looking into Livestock Risk Protection.
Jon Strohl with Farm Credit Illinois tells Brownfield recent shifts in the market have more producers interested in protecting their bottom line from uncontrollable factors.
“Here this last week with the uptick in the futures on the fat cattle side, guys are taking advantage of those, especially for next April. The prices that are out there kind of equate to $8 corn- if it doesn’t hit that, this is in place to protect them. But, if they do sell their fat cattle for, you know, $185 cwt, they’d gladly pay the insurance to do so.”
He says you don’t have to enroll all of your livestock and there is a new opportunity everyday to lock in prices.
“And you could sign up at no cost. It doesn’t cost till you purchase an endorsement. The other big thing is no money upfront. Everything’s due after the fact. So, after you’ve sold your livestock is when any premium is due.”
You can sign up anytime but if you already have a policy and want to switch providers, today is the deadline.
Brownfield interviewed Strohl at the Farm Credit Illinois Livestock Connect workshop in Centralia on Friday.