Agricultural Outlook Forum Presented: Thursday, February 19, 2004 IMPLICATIONS OF EXTENDING CROP INSURANCE TO LIVESTOCK
نویسنده
چکیده
Congress extended the crop insurance program to livestock with the Agricultural Risk Protection Act (ARPA) of 2000. Two livestock insurance products, Livestock Risk Protection (LRP) and Livestock Gross Margin (LGM), were subsequently approved by FCIC for sale beginning in the summer of 2002. Originally, LRP offered insurance against unexpected declines in the market price of hogs in Iowa. In 2003, LRP coverage was expanded to include fed cattle and feeder cattle in 10 states and swine in Indiana, Illinois, and Nebraska. LGM offers insurance against unexpected declines in hog margins in Iowa. The margin in LGM is defined as the market price of a hog less the cost of feed, which is calculated using corn and soy meal prices.
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