U.S. Reps. Dusty Johnson, R-S.D., Liz Cheney, R-Wyoming, and Frank Lucas, R-Oklahoma, introduced the Livestock Risk Management and Education Act on Oct. 21.
The bill would provide grants to certain state land-grant universities to better equip livestock producers with risk management training.
The Livestock Risk Management and Education Act would authorize the National Institute of Food and Agriculture to provide resources to improve livestock producers’ knowledge of futures markets to better manage market volatility. An understanding of futures contracts and risk management strategies will allow producers both large and small to better anticipate cattle prices. This new authority would allow land-grant universities to partner with grower associations to more directly reach producers.
“Producers already face an uphill battle of unpredictable weather, understanding cattle prices doesn’t need to be an added challenge,” said Johnson. “The Livestock Risk Management and Education Act will supply producers with the tools needed to anticipate highs and lows in the futures markets.”
“With ever-changing markets, this measure will enable land grant universities like the University of Wyoming to assist our producers in giving them the background they need to properly plan for the future,” Cheney said.
“Livestock producers across the country have faced years of uncertainty and, like others, need every tool within their belt to manage risk and sharpen their ability to weather the market’s uncertainty,” Lucas said.
The National Cattlemen’s Beef Association applauded the legislation.
“This legislation will provide boots-on-the-ground cattle producers with critical resources and opportunities to increase their understanding and engagement with risk management tools,” said Todd Wilkinson, South Dakota cattle producer and NCBA policy division vice chair. “This bill speaks directly to our core values as an industry - arming producers with the latest farm management resources and tools in order to help them navigate ever-changing and dynamic market conditions.”