Livestock Insurance
Your local Farm Bureau crop insurance specialist will work with you to tailor a protection plan to meet your needs. One type of protection you may want to familiarize yourself with is Livestock Risk Protection (LRP).
LRP is designed to provide protection on fed cattle, feeder cattle, sheep and swine against a price decline during the policy coverage period.
LRP is priced and available for sale continuously throughout the year. Coverage is determined by multiplying the number of livestock to be marketed by the market weight by the coverage price by the insured share. Coverage levels range from 70 percent to 100 percent of the daily livestock prices.
Livestock Risk Protection details:
- Provides downside price protection without limiting the upside sales
- Prices based on Chicago Mercantile Exchange (CME) daily closing
- Affordable, when compared to other types of price protection
- Guaranteed price. No bid /ask spread
- Coverage levels from 70 percent to 100 percent of the coverage price
- Coverage for feeder cattle 1-1,000 head, maximum of 2,000 head per year
- Coverage for fed cattle 1-2,000 head, maximum of 4,000 head per year
- Coverage for swine 1-10,000 head, maximum of 32,000 head per year
- May be viewed more favorably by lenders than hedging or speculating (derivative products)
Click the link for more information on LRP Coverage Prices, Rates, and Actual Ending Values Criteria.
Contact your local Farm Bureau office or our state crop specialist for more information on how Farm Bureau Insurance can help protect your needs as a farmer. And don't forget to check out the sales closing dates for your crops.