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Dairy LGM in a Nutshell, How it works, How it has performed & Tools for Making an Informed Decision

Karen Powell

Summary

Dairy LGM in a Nutshell
How it works, How it has performed, & Tools for making an informed decision

The purpose of the proposed workshop is to acquaint extension service and other risk management educators with the educational/decision aids developed by PDA, make them aware of the availability of the materials (and monthly updates), and demonstrate how they can be integrated with tools and materials available from other sources, to more effectively educate producers and other beneficiaries of the benefits of the dairy insurance program, and announce their availability. To do this effectively, a one hour, hands on, workshop is necessary.
Background: Many dairy producers have suffered economic stress in recent years which demonstrated the need for a risk management that could provide a safety net that could protect the performance of their business plans from uncontrollable and unforeseen shrinkage in their gross margin (income over feed cost). The PA Department of Agriculture (PDA) was very instrumental in persuading RMA/USDA to provide and improve the Risk Management Tool (LGM-Dairy) for dairy producers, because dairy is so important to the state and regional ag economy. PDA, in consultation with RMA and the PA Center for Dairy Excellence, has also developed numerous educational decision aides, informational tools, and the historical results from certain enrollment strategies to help producers, the dairy industry, the agri-industry and the crop insurance industry personnel to realize the maximum benefits from the improved program, which is now available in the 48 contiguous states.

Details

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