U.S. Sen. Mike Rounds has introduced legislation he said offers producers fairer market prices for livestock disaster assistance programs.
The billrequires the Farm Service Agency to make quarterly updates to Livestock Indemnity Program payment rates that reflect livestock market prices. Currently, these updates happen annually.
The LIP provides payments to livestock owners and contract growers for abnormal livestock deaths caused by an eligible loss condition, such as severe weather, disease, or animal attack.
“South Dakota farmers and ranchers work hard to produce quality livestock,” said Rounds. “Unfortunately, extenuating circumstances such as severe weather or disease can deplete their herds and as such, hurt their operations. These producers deserve to be paid a fair and updated market price for their livestock when tragedy strikes.”
The National Cattlemen’s Beef Association and the South Dakota Farmer’s Union support the legislation.