{"id":1529,"date":"2021-09-06T11:42:09","date_gmt":"2021-09-06T16:42:09","guid":{"rendered":"https:\/\/amarillo.tamu.eduagecon\/?p=1529"},"modified":"2021-09-06T11:43:08","modified_gmt":"2021-09-06T16:43:08","slug":"high-plains-ag-week-9-6-2021-livestock-risk-protection-plus-welcome-pancho-abello-to-the-blog","status":"publish","type":"post","link":"https:\/\/agrilife.org\/agecon\/high-plains-ag-week-9-6-2021-livestock-risk-protection-plus-welcome-pancho-abello-to-the-blog\/","title":{"rendered":"High Plains Ag Week 9\/6\/2021 – Livestock Risk Protection, Plus Pancho Abello Joins the Blog"},"content":{"rendered":"
\"\"

Rural scenes in Burleson and Washington counties on April 7, 2021. (Laura McKenzie\/Texas A&M AgriLife Marketing and Communications)<\/p><\/div>\n

Ranchers face many risks associated with cattle marketing as we have seen last year with the pandemic. Any good marketing plan requires the knowledge of the available tools in the market that we can used. Each of these tools have their own advantages and disadvantages, and it is important to know them as well as their impact in our operation before making any decision. Today, in his first article as a new author for the Amarillo AgEcon Blog, Pancho Abello, AgriLife Extension Economist for District 3, reviews the Livestock Risk Protection Program.<\/p>\n

 <\/p>\n

<\/p>\n

<\/h3>\n

Dates and Deadlines<\/h3>\n

9\/9\/2021 – Caprock Beef Conference<\/a>; Plainview, TX<\/p>\n

9\/9\/2021 – WASDE<\/a>, USDA<\/p>\n

9\/20\/2021 & 9\/27\/2021 – Five-State Beef Conference<\/a>; Clayton, NM & Perryton, TX<\/p>\n

9\/24\/2021 – Cattle on Feed\u00a0<\/a><\/p>\n

What I\u2019m Reading<\/h3>\n

Livestock owners must register their brands after Aug. 31<\/a> – AgriLife Today<\/p>\n

USDA Shares Farm Income Forecasts<\/a> – Feedstuffs Daily<\/p>\n

\"\"<\/p>\n

As we wrap up the summer and head back in to a season of decision-making, the Amarillo AgEcon Blog is welcoming a second author, Pancho Abello. Abello, a native of Argentina, is joining the blog after years of agricultural and livestock production experience. His professional background includes consulting, extension service, financial, economic and agribusiness analyses, strategic planning for commercial farming and ranching operations, and agricultural investment funds. Before joining AgriLife in 2020, Pancho worked on a 17,000-acre farm and ranch operation in Argentina, which includes a cow\/calf program as well as grow corn, wheat, sunflowers, soybeans and barley. Pancho is a veteran economist who brings a wealth of knowledge to the table and I’m excited he’s decided to join in and work on the blog. Today’s article is his first in which he reviews the use of the Livestock Risk Protection program as a marketing tool. You can reach Pancho at pancho.abello@ag.tamu.edu<\/p>\n

Marketing Plan Tools –\u00a0Livestock Risk Protection\u00a0Feeder Cattle\u00a0(LRP)\u00a0<\/span><\/b>\u00a0<\/span><\/h3>\n

Any good marketing plan requires the knowledge of\u00a0the\u00a0available tools\u00a0in the market\u00a0that can\u00a0be\u00a0used. Each of these tools have their own advantages and disadvantages, and the correct timing to use them may vary.\u00a0 However, it is important to know\u00a0them\u00a0as well as their impact\u00a0in our operation\u00a0before making any decision.\u00a0<\/span>\u00a0<\/span><\/p>\n

The Livestock Risk Protection Feeder Cattle\u00a0(LRP)\u00a0program from the USDA could be used as one of these tools to be\u00a0incorporated as a yearly plan to reduce price volatility.\u00a0\u00a0\u00a0A short description of this program and a couple of examples can be found below.\u00a0<\/span>\u00a0<\/span><\/p>\n

Basically, LRP is an insurance\u00a0to protect producers for calves\u2019\u00a0and stockers\u2019\u00a0prices going down.\u00a0 At the end of the\u00a0determined period,\u00a0indemnities are trigger when ending values are lower than the coverage\u00a0price.\u00a0LRP could be used to establish a floor price like buying a Put Option in the Chicago Mercantile Exchange (CME)\u00a0market.\u00a0\u00a0Prices used\u00a0in this program are based on the weighted average price from the CME Group Feeder Cattle Index.\u00a0<\/span>\u00a0<\/span><\/p>\n

During the summer of 2019, and winter of 2021, the USDA made a few changes in the program making it available for all states and counties, more affordable, and delaying the payment of the premium until the end of the endorsement period. Payments due at the end od the period is a cash-flow advantaged when compared to buying a Put Option at the futures market. Producer premiums subsidies increased up to the level shown in Table 1 resulting in a more competitive and affordable program for producers. <\/span><\/p>\n

Table 1.<\/span><\/b> LRP Feeder Cattle – Percentage Subsidy Levels<\/span><\/h4>\n

\"\"<\/p>\n

The LRP\u00a0program is available for most ranchers since it does not require a minimum number of cattle to be insured\u00a0meaning that small ranches with even one cow could make use of it.\u00a0Most importantly, it can be used for both cow-calf\u00a0and stockers\u00a0operations. This program allows ranchers to\u00a0protect\u00a0prices for cattle under 600\u00a0Lbs\u00a0as well as between 600 to 900\u00a0Lbs, which is interesting for cow-calf producers since there not many tools available for price coverage of calves under 600 Lb.\u00a0\u00a0The insurance period must\u00a0coincide with the time that the cattle would normally be marketed.\u00a0\u00a0Ranchers can get price coverage for calves, steers, heifers, predominantly\u00a0Brahman cattle,\u00a0predominantly Dairy cattle, and even unborn calves (Table 2).<\/span>\u00a0<\/span><\/p>\n

Table 2.<\/span><\/b> Cattle Categories\u00a0<\/span><\/h4>\n

\"\"\u00a0<\/span><\/p>\n

Other characteristics of this program are that producers can cover price levels ranging between 70 to 100% of the expected price\u00a0with an available endorsement length up to\u00a013, 17, 21, 26, 30, 34, 39, 43, 47, or 52 weeks.\u00a0\u00a0A summary of the characteristics of this program can be found in the next table (Table\u00a03).\u00a0<\/span>\u00a0<\/span><\/p>\n

Table 3.<\/span><\/b> LRP Feeder Cattle – Summary Characteristics\u00a0<\/span><\/h4>\n

\"\"<\/span><\/p>\n

Although, premiums for LRP are often cheaper\u00a0when compared to Put Options due to the level of subsidy, premium costs depend on the expected end price, the coverage level, and the endorsement length.\u00a0\u00a0One of the disadvantages of operating with LRP is that once you purchase the insurance, there is no option to offset that position at any time as we might be used to do operating options at the future market.<\/span>\u00a0<\/span><\/p>\n

The following table shows an example with different target prices and each premium cost for each producer (Table 4.).\u00a0\u00a0Given the time of the year we are\u00a0it was assumed a\u00a0cow-calf ranch with\u00a0fall calving herd that weaned those calves during the month of May\u00a0with\u00a0an expected weight of\u00a0599\u00a0Lbs\/head, located in Wilbarger County, Texas. These set of prices and premium costs were obtained using the USDA-RMA Cost Estimator tool (<\/span>https:\/\/ewebapp.rma.usda.gov\/apps\/costestimator\/<\/span><\/a>)\u00a0for September 3<\/span>rd<\/span>, 2021.<\/span>\u00a0<\/span><\/p>\n

\u00a0<\/span>Table 4.<\/span><\/b> Livestock Risk Protection, Weaned Steer (599 LB)*<\/span><\/h4>\n

\"\"<\/span><\/p>\n

\u00a0<\/span>At 100% coverage level, the\u00a0highest\u00a0target price offered in the program\u00a0was\u00a0of $187\/ CWT with a premium cost of $7.01\/CWT\u00a0considering\u00a0a\u00a0endorsement length of 39 weeks since we are planning to sell those calves in May of 2022. The producer premium includes the subsidy of 35% of the total premium.\u00a0 Net\u00a0coverage\u00a0price for the producer\u00a0at this level is of $179.99\/CWT, at a cost of $7.01\/CWT or $42\/head.\u00a0\u00a0If at the end of the endorsement period prices fell below $187\/CWT, an indemnity is trigger and paid to the producer.\u00a0 If prices are higher no indemnities get paid.\u00a0 The table showed different examples and strategies that this rancher could use to set a minimum price for their calves, and the cost associated for each percentage level of price coverage given at the same endorsement length.\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

The second example represent a rancher located in Potter County raising stocker steers on wheat which are going to be sold during the month of May 2022 (Table 5) weighing 800 Lbs\/head and wanted to set a minimum price for those steers on September 2, 2021. The set of prices and premium costs were also obtained using the USDA-RMA Cost Estimator tool (<\/span>https:\/\/ewebapp.rma.usda.gov\/apps\/costestimator\/<\/span><\/a>).\u00a0\u00a0For this scenario, Put Options prices were also obtained and compared to LRP premium costs (CME Group – Feeder Cattle Future and Options website <\/span>https:\/\/www.cmegroup.com\/markets\/agriculture\/livestock\/feeder-cattle.html<\/span><\/a>)\u00a0for the same day.\u00a0<\/span>\u00a0<\/span><\/p>\n

Table 5.<\/span><\/b> Livestock Risk Protection, Weaned Steer (800 LB)*<\/span><\/h4>\n

\"\"<\/span><\/p>\n

\u00a0<\/span>The maximum price offered to purchase a coverage for an 800 pounds steer was of $170\/CWT.\u00a0 At that level the premium cost of purchasing the price insurance was of $6.38\/CWT or $51\/head\u00a0considering\u00a0a\u00a039-week\u00a0endorsement length.\u00a0 LRP premiums were approximately 10% lower than Put Options prices for each price level.\u00a0 Remember that LRP costs are paid at the end of the period while Put Options\u00a0have to\u00a0be\u00a0the day are purchased.\u00a0 On the other hand, also remember that Put Options can be offset at any time until the expiration day if it is convenient.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Net coverage price for the producer at this level is of $163.63\/CWT, at a cost of $6.38\/CWT or $51\/head.\u00a0There are different price levels at lower costs in which the producer can buy the price insurance if it fits better their marketing plan, expectations, and considering their production costs.\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Price fluctuations due to unforeseen events continually show the importance of having a well-founded marketing\u00a0plan\u00a0using the available tools in the market that better fit your operation. Livestock Risk Protection Feeder Cattle program from the USDA is one of these tools that has not been used much but should be considered in every marketing plan.\u00a0\u00a0\u00a0This program can be incorporated in\u00a0almost every\u00a0cow-calf operation.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

For\u00a0more\u00a0information on LRP-Feeder Cattle insurance program please visit USDA-RMA website (<\/span>https:\/\/www.rma.usda.gov\/Fact-Sheets\/National-Fact-Sheets\/Livestock-Risk-Protection-Feeder-Cattle<\/span><\/a>), or contact an a<\/span>pproved livestock agent and insurance companies (<\/span>https:\/\/www.rma.usda.gov\/en\/Information-Tools\/Agent-Locator-Page<\/span><\/a>).\u00a0\u00a0\u00a0<\/span>You can estimate premiums costs using the USDA\u00a0Cost Estimator\u00a0aid<\/span>\u00a0<\/span>https:\/\/ewebapp.rma.usda.gov\/apps\/costestimator\/<\/span><\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Ranchers face many risks associated with cattle marketing as we have seen last year with the pandemic. Any good marketing plan requires the knowledge of the available tools in the… Read More →<\/a><\/span><\/p>\n","protected":false},"author":1764,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[13,26,27],"tags":[],"class_list":["post-1529","post","type-post","status-publish","format-standard","category-cattle","category-marketing-plan","category-risk-management","entry"],"acf":[],"yoast_head":"\nHigh Plains Ag Week 9\/6\/2021 - Livestock Risk Protection, Plus Pancho Abello Joins the Blog - Ag Economics on the Plains<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/agrilife.org\/agecon\/high-plains-ag-week-9-6-2021-livestock-risk-protection-plus-welcome-pancho-abello-to-the-blog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High Plains Ag Week 9\/6\/2021 - Livestock Risk Protection, Plus Pancho Abello Joins the Blog - Ag Economics on the Plains\" \/>\n<meta property=\"og:description\" content=\"Ranchers face many risks associated with cattle marketing as we have seen last year with the pandemic. 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