Senior Farm and Ranch Broadcaster, Ron Hays, is visiting with the Vice President of Operations at Farm Data Services, Inc. and Oklahoma cattle producer Clay Burtrum, about Livestock Risk Protection.
While LRP has been around for many years, USDA has continuously made LRP more affordable and applicable. Farm Data offers Livestock Risk Protection policies out of Stillwater.
“The Livestock Risk Protection is one of the most important tools we have right now if you are a cattle producer,” Burtrum said. “Whether you are a cow-calf producer, a stocker producer, or a feedlot producer, LRP is the tool that you can use to protect your bottom line on those cattle.”
Prices come out each day, Burtrum said, so around 4 p.m. in the afternoon, individuals can call a licensed crop insurance agent that sells LRP to get quotes on prices.
“You can insure unborn cattle if you have a preg check, you can insure feeder steers, feeder calves, feeder heifers, and you can ensure cattle that are going onto the feedlot that are going to be 1400 pounds as well,” Burtrum said.
Through LRP, Burtrum said producers are insuring price protection, not mortality. Another perk of LRP, Burtrum said, is producers do not have to sell their cattle if their contract expires.
“If in October or any shorter period of time, if your contract just expires, and if that time you decide you are going to run your cattle on wheat or something like that, then you can buy another contract further out in time,” Burtrum said.
Butrum also talked about other insurance products available at Farm Data Services, including drought protection.
“If you talk to the weatherman, we are not out of the drought yet,” Burtrum said.
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 for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
