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I LLI NOI S B E E F

SEPTEMBER 18, 2024

#28

devin@illinoisbeef.com

CAT TLE CONCEPTS

MONTHLY N E WS

E- N E W S L E T T E R

| ILLINOIS BEEF ASSOCIATION | SPRINGFIELD, ILLINOIS | WWW.ILLINOISBEEF.COM |

Market Report

Seedstock Report

Greenville Livestock Auction September 8, 2024 Total: 9 0 8 Feeder: 908 (100.0%) Replacement: 0 (0.0%) Trade: Good demand, active trade

Minnaert Show Cattle Fall Production Sale SC Online

263 69 (26.2%) 152 (57.8%) 42 (16.0%) -

Illinois Weekly Summary September 16, 2024 Total: 1,175 Feeder: 0 (0.0%) Slaughter: 1,175 (100.0%) Replacement: 0 (0.0%) SALES REPORTS SOURCED FROM USDA AGRICULTURAL MARKETING SERVICES

09.19.24

Cagwin Farms The 1872 Opportunity Online Sale AMS Online 10.01.24

Fairview Sale Barn September 17, 2024 Total: 308 Slaughter: 308 (100.0%) Notes: Packer Day, Special Feeder Sale Trade: Moderate to good demand, active trade United Producers September 17, 2024 Total: Breeding: Slaughter: Feeder: Comments:

Upcoming Sales

LIVESTOCK RISK PROTECTION

Prairie View Farms Annual Fall Sale Gridley, IL

10.04.24

Perks Ranch Fall Celebration SaleSale Rockford, IL

10.12.24

Wernacres Farms Online Fall Sale SC Online

10.13.24

Tree Lane Farms Online Female Sale SC Online

10.14.24

Timbercrest Land & Cattle Annual Open Heifer Sale SC Online

10.15.24

SEND SALES REPORTS AND UPCOMING SALE INFORMATION TO DEVIN@ILLINOISBEEF.COM

HOW LRP CAN MANAGE RISK FOR YOUR OPERATION

Beyond producing high quality and healthy cattle, the end goal in the beef industry is marketing your product for profit. With ever-fluctuating market prices, there is bound to be some level of risk in beef production, and there are a plethora of strategies and tools to manage that risk – like Livestock Risk Protection (LRP) Insurance.

very producer wants to plan for profitability. But the key to These factors are what producers should discuss with their agent to any ‘risk’ situation is having some sort of safety net – or determine which level of coverage and risk they wish to protect. protecting your downside. This is one of the most effective risk University of Kentucky Extension livestock specialist Dr. Kenny Burdine management strategies a producer could use on their livestock explains, “a simple way to look at LRP insurance is just to compare operation. While there are many tools out there to utilize for risk the expected ending value to a selected coverage level. If the expected management, Livestock Risk Protection (LRP) insurance can be ending value is $250 per cwt, that means [producers] must self-insure a sure way to safety net you and your operation when the market the first $8 per cwt drop in the market if purchasing a $242 coverage faces a downside. level. One might compare it to an $8 deductible. And with respect to LRP is in place to protect producers against major market heifer coverage, producers need to understand that the movement in downfalls and price declines, while also allowing producers to the index is slightly truncated by the 90% adjustment factor.” benefit from price increases. There is a wide range of flexibility If you are considering using an LRP insurance plan, contact an insurance that can be provided to producers: timing of purchase, coverage agent or risk management expert in your field to figure out which options terms, head covered, target weight and expected value of and coverage levels are best suited for your cattle within your marketing livestock, and coverage level price. Producers can opt to cover plan for your operation. 70% to 100% of the expected ending price and the key to LRP insurance is finding the coverage level that best suits your operation. Selecting a policy period that best reflects when your cattle are going to be marketed, along with determining the expected end value of your livestock, are two of the variables that go into determining adequate coverage options. USDA Risk Management Agency offers subsidies between 35%-55% based on the percentage of coverage.

LOOKING FORWARD

Beef Quality Assurance Trainings BQA Meetings are free to current IBA Members. Non-members are welcome to attend for a $20 registration fee. Dates and locations below: