October 8, 2004 -- A sheep industry endorsement for a "Livestock Risk Protection" (LRP) pilot project request, called LRP-Lamb, was submitted this week to the U.S. Department of Agriculture?s Risk Management Agency (RMA). The market-based insurance price policy is similar in concept to the LRP for swine, fed cattle and feeder cattle.
The goal of LRP-Lamb is to offer sheep and lamb producers a user-friendly, easily understandable risk-management tool that efficiently and effectively protects against price downswings. The tool would allow producers to simultaneously price their lambs over an extended time frame, with continuous protection, for all time periods during the year.
Fifteen U.S. senators submitted a joint letter of support for the LRP-Lamb project while 27 individuals and state sheep associations advocated their backing by also sending letters.
"Managing price volatility of lambs is a real need in the sheep industry ? the industry currently has very few tools available for managing risk," says American Sheep Industry Association (ASI) Executive Board member and Idaho sheep producer Margaret Soulen-Hinson, who has served as a key point person on the LRP-Lamb project. "I greatly appreciate the U.S. senators, state sheep association members and industry leaders who submitted letters of support for USDA to approve the implementation of this program on a pilot basis."
ASI issued a press release this week regarding the LRP-Lamb program, which is attached to the end of this newsletter.
Staff contact: Peter Orwick or Paul Rodgers, 303-771-3500