August 31, 2007
August 31, 2007 - According to the U.S. Department of Agriculture's Risk Management Agency (RMA), it plans to make available more information for producers and agents to begin determining the purchase price of Livestock Risk Protection-Lamb (LRP-Lamb) coverage.
In preparation for LRP-Lamb sales, which begin on Monday, Sept. 17, 2007, the American Sheep Industry Association (ASI) has been informed by RMA that it plans to post sample coverage prices, expected ending values and rates for the LRP-Lamb insurance program by the end of the day. These rates will be available through RMA's livestock reports main menu at http://www3.rma.usda.gov/apps/livestock_reports/
ASI has developed an e-learning course detailing the features of LRP-Lamb. Included in this training is a sample premium calculator designed to offer producers and agents a tool designed to easily calculate premiums and to compare varying levels of coverage. The sample chart can also be accessed through this online course that is available at www.sheepusa.org
LRP-Lamb is designed to insure against unexpected declines in market prices of slaughter lambs and will be available for purchase in the 27 states covered in the pilot program. Sheep producers may select 13-week, 26-week or 39-week insurance periods as well as coverage levels ranging from 80 percent to 95 percent of the expected ending value to correspond with their general feeding, production and marketing practices.
Staff contact: Peter Orwick, ext. 33