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Beef Up Your Profits: Market Risk Management in Iowa

Paul Martin , Madeline Schultz, and Timothy Christensen

Summary

Cattle and calves are Iowa’s third largest agricultural commodity and beginning and women farmers are finding economic opportunities through beef production. Changing markets and price volatility increases risk. Yet, Livestock Risk Protection, Livestock Margin Protection, and Pasture, Rangeland, and Forage insurance are underutilized. ISU Extension and Outreach developed and distributed publications, videos, webinars, and conducted 4 cattle marketing courses. A cattle marketing simulation activity engaged learners in utilizing Livestock Margin Protection. The 6-hour courses were attended by 29 producers with 43.0% having farmed 10 or fewer years, and 86.2% being women. They raised an average of 198 head of cattle. Prior to the course, 29.5% of survey respondents calculated cost of production ‘often’ or ‘always;’ after the course 77.5% planned to. Prior to the course, 11.0% analyzed use of crop/livestock insurance, while 53.4% planned to afterwards. Similarly, 11.0% developed a cattle pricing and marketing strategy prior to the course, and 76.3% planned to afterwards. Respondents indicated 78.0% plan to make management changes. Of these producers, 91.2% expected to increase profit, and the expected value per head was $141.66 on average. In an open-ended question, nearly all producers indicated crop/livestock insurance was the most important topic, “LRP, with current market trends, very important to capture prices and protect from dropping income.” Cattle producers planned to take actions to manage cost of production, analyze insurance products, and prepare marketing strategies. When cattle producers improve business management and economic viability, all Iowans benefit through greater agricultural sustainability and increased food security.

Details

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