A new federal crop insurance program may help Wisconsin dairy farmers protect against low milk prices. The American Farm Bureau Federation and its insurance company recently announced the Dairy Revenue Protection program. The program, which will be available starting in October, allows farmers to set a guaranteed revenue they want to make on a certain amount of milk.
Wisconsin dairy farmers will soon have another option to protect against low milk prices. The American Farm Bureau Federation and their affiliated insurance company recently announced a new Dairy Revenue Protection program that will be available starting in October. Unlike existing programs for dairy farmers, the new insurance will respond directly to milk prices.
A new insurance plan for dairy producers is available that insures against unexpected declines in quarterly milk sales. The new plan, called Dairy Revenue Protection, provides insurance for the difference between the final revenue guarantee and actual milk revenue if prices fall. t also provides a greater choice of prices, from those that focus on cheese to fresh milk, protein or butterfat. Coverage levels are available from 70% to 95% of revenue. Dairy Revenue Protection is available in all counties in all 50 states.
American Farm Bureau Federation plans to unveil a new insurance product this summer focused on protecting revenue from milk sales, as opposed to the margin between milk prices and feed costs in other risk-management tools. Its Dairy Revenue Protection insurance, developed in cooperation with American Farm Bureau Insurance Services, is based on traditional crop insurance models and has gained the approval of USDA’s Federal Crop Insurance Corporation.
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