07.20.20

Hoeven: RMA Announces Improvements to Livestock Gross Margin Program

WASHINGTON – Senator John Hoeven, chairman of the Senate Agriculture Appropriations Committee and a member of the Senate Agriculture Committee, today issued the following statement after the U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) announced improvements to the Livestock Gross Margin (LGM) insurance program, starting in the 2021 crop year. Specifically, RMA is adding premium subsidies to the program, based on a deductible selected by the producer, and moving the premium due date to the end of the endorsement period for cattle.

“These premium subsidies and added flexibility under the LGM program are welcome supports for our nation’s livestock producers,” said Hoeven. “At the same time, we continue working to help our ranchers weather the challenges they face. This includes ensuring USDA has the funding it needs to support producers through the impacts of COVID-19 and addressing price disparities in the cattle market.”

“These changes build upon RMA’s continued effort to make livestock policies more affordable and accessible for livestock producers,” said RMA Administrator Martin Barbre. “We are working to ensure that these improvements can be implemented by the July 31 sales period so producers can take advantage of these changes as soon as possible.”

-###-