Senior Farm and Ranch Broadcaster Ron Hays is talking with Dakota Moss of Livestock Risk Services about the advantages of utilizing Livestock Risk Protection (LRP).
As the cattle markets can be described as “choppy” lately, Moss talks about factors impacting the markets and how LRP can give producers peace of mind.
“Over the past few weeks, we had that bird flu scare so to speak, which really hasn’t turned into anything for the beef cattle side of the industry, but it seems like the cattle business and the cattle industry is so sensitive to any possible bad news we may have, that it just has a volatile impact with the way cattle futures is trading nowadays.”
By locking in price protection with LRP, Moss said producers can ensure a good profit coming into the fall months or early next spring, regardless of events that may impact the market.
“The LRP goes off of the market every single day, so prices change with LRP every single day as soon as we get that closing price off of the feeder cattle futures and the live futures,” Moss said. “The best thing a producer can do if they are utilizing LRP in their operation is to be proactive as possible, know their numbers, know their business, and be watching those prices.”
For those who are looking to utilize LRP, Moss said a producer first must talk with a livestock agent who can help file an application.
“The most important thing on that application is they need to fill that out the same way they sell cattle,” Moss said. “That is the most important thing. This is a USDA program, so records must match across the board.”
To get in contact or find a Livestock Risk Services agent, click here.
To sign up for daily price reports, click here.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Ag Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR at the top of the story for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
