Latest / CattleUSA Daily / 257: Livestock Risk Protection (LRP) Explained for Cattle Producers with Samantha Cozza-Wright

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257: Livestock Risk Protection (LRP) Explained for Cattle Producers with Samantha Cozza-Wright · CattleUSA Daily

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In today's episode of the Cattle USA Daily Podcast, Samantha
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Koza, right, is coming on and she is sharing about LRP.
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What is LRP? This is literally just a podcast
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where we are coming and we are laying that foundation to help
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you understand what LRP is, why we have it and the different
0:19
options that you have for you and your ranch and your
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operation. Before we hop into today's
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podcast episode, if you're watching on YouTube, make sure
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you hit that subscribe button up above and like this episode.
0:29
And if you're if you're watching on any of our other podcast
0:31
platforms, take a second to make sure you're following the show,
0:34
go right and review it and share with a friend as well.
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Now let's go ahead and hear from Samantha Kozurite.
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Welcome to the Cattle USA Daily podcast, your go to source for
0:47
the latest livestock markets, industry insights and the
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updates shaping agriculture today.
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I'm your host Lauren Moylan, a passionate advocate for
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agriculture, here to keep you informed and connected.
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Now let's dive into today's episode.
1:04
Samantha, welcome back to the podcast.
1:06
I am excited to come on and just the two of us come on and talk
1:11
today and chit chat about all of the things that you're doing and
1:16
more of what your everyday is and that's insurance and LRP and
1:21
what all of those things are. And just truly come here and
1:23
educate and give everyone the rundown of what it is, what it
1:29
isn't, kind of lay that foundation in that basis.
1:32
And you are so educated on it that I'm excited to kind of sit
1:36
back and hopefully learn something myself too.
1:39
So thanks for coming on today. Absolutely.
1:42
I'm really excited to get into this today because I think
1:45
there's a lot of wrong information out there about
1:48
LRPDI. Mean you search it online and
1:50
some of the first things that pop up, I'm like, well, that's
1:52
not right and that's not right. And a lot of people maybe
1:57
started advertising it and selling it prematurely is so
2:00
some of the information they were putting out wasn't
2:02
completely accurate and then it looked less attractive to the
2:06
customer people that were interested in it and rightfully
2:09
so. So I'm just, I just want to
2:10
clear some of that up, give a general rundown of what LRP is,
2:14
how it works, and how you can utilize it and hopefully not
2:18
over complicate it because LRP really is not a complicated
2:23
thing. So let's just dive right into
2:26
it. So really what is LRP?
2:28
Just kind of starting off with the basics.
2:31
LRP stands for Livestock Risk Protection, Essentially what it
2:35
is, it's just a government subsidized put option.
2:38
If you were to trade commodities, If you're not
2:41
familiar with trading futures and options on the futures board
2:44
and you don't really know what a put option is, just think of it
2:47
as insurance. It's coverage in exchange for a
2:50
premium. So really you just want to
2:53
establish your bottom line, leave that topside open.
2:56
And that's kind of how that works.
2:58
So in the past, you know, I've had a lot of guys tell me, well,
3:01
I missed my window to book on the highs.
3:03
I missed that opportunity. We always encourage people, yes,
3:06
you do want to protect on the rallies.
3:08
We want you to get the best bang for your buck.
3:10
But realistically speaking, I mean, it goes to show,
3:13
especially the last couple months even we don't know where
3:16
the high of the market is and we don't know where the bottom of
3:19
the markets going to be either. So don't be afraid to pull the
3:22
trigger when profit exists or at least to cover your bottom line
3:26
and your break even point. That's the main goal of LRP and
3:30
that's what it's designed to do. So protect your downside market
3:34
risk, capture that upside, capture that higher market if
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things go higher. So if the market drops below
3:40
your coverage price at your coverage end date, you're going
3:43
to receive an indemnity, which a lot of people aren't very
3:47
familiar with all of these, you know, insurance terms.
3:50
And I think that's also very off putting.
3:52
Indemnity would just be a payment, a payout from our
3:55
approved insurance providers. So in a claim situation, your
3:59
payout would be the difference between the coverage price that
4:02
you booked at and the actual value multiplied by the way you
4:07
covered them at, minus your premium cost.
4:10
So pretty simple formula. It's just literally the
4:13
difference between your coverage price and the market at your
4:16
coverage end date. So if you get out to your
4:19
coverage end date, the markets higher, just like any other
4:22
insurance product, you pay that premium, you take advantage of
4:25
the higher market, take advantage of that higher cash
4:28
sale on your cattle. LRP doesn't force you into
4:31
anything and I think that's a major attraction to LRP as well.
4:35
So marketing windows are very, very flexible.
4:38
The weight is also very flexible.
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A lot of people stress, well, you know what if I booked them
4:44
at £700 and they had come in weighing 650 lbs, is that going
4:49
to be an issue? It's not.
4:51
You still receive the indemnity if you're in a claim situation.
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If they weighed 650, you booked at £700.
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Your coverage is not null and void.
5:00
In that scenario. It would actually not be
5:03
prorated. Wonder direction of the other
5:05
unless you fell out of your weight class.
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So when I pull, when we pull up quotes and look at those a
5:10
little bit later today, you'll understand that more LRP is
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based on a weight category basis.
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So we've got lightweight steers, heavyweight steers, lightweight
5:21
heifers, heavyweight heifers and then unborn protection.
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So like take for example, heavyweight steers weighing 600
5:28
to 1000 lbs. As long as you stay within that
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600 to 1000 LB range, you're golden.
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You fall out of £600 and you're back into, you know, 550 lbs,
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you're going to be prorated. You've you and they end up
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weighing, you know, 1200 lbs, you're going to be prorated the
5:46
other direction. So it's about as long as you
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stay within that category, you're good.
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A common misconception about LRP is that it settles on your
5:56
physical cash sale. It does not This protections
6:00
completely separate from your cash sale.
6:02
It just protects you from that down side market risk.
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So your cash sale and the cash price that you get for your
6:09
cattle is irrelevant. So that being said, if you book
6:13
feeder cattle, in this case feeder cattle can really mean a
6:17
lot of different things to a lot of different people on the
6:19
futures board. It means a yearling weighing 700
6:22
to 900 lbs, right? So in this case, feeder cattle
6:25
quotes just a general overview being steers heifers weighing
6:30
100 to 1000 lbs LRP does not require you to market those
6:34
cattle by your coverage end date.
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You can retain ownership if you choose and you can still receive
6:40
that indemnity payment if you're if the market when you get out
6:44
to your coverage end date is lower than your booking price.
6:47
So just something to keep in mind.
6:50
The only firm rule that has to keep you in compliance for
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eligibility requirements for that indemnity if you're due 1
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is that you cannot market your cattle more than 60 days prior
7:01
to that coverage end date. So otherwise then you're if you
7:05
did that your coverage would then it would be null and void.
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But there is a lot of flexibility with that.
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Now on fed cattle that works a little bit different.
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Fed cattle being fat sears and heifers 1000 to 600 lbs.
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There's still flexibility, but you do have to sell fats by the
7:22
coverage end date in order to receive that, that payout in a
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claim situation. I don't know if that's just
7:28
necessarily, you know, USDA stepping in to prevent these,
7:31
these bigger carcass weights or, or what necessarily that is, but
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you do have to sell them to stay within eligibility requirements.
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You still have that 60 day window though, just like with
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feeder cattle, you have 60 days on either side of your coverage
7:43
end date to sell them. Still be eligible for that
7:45
indemnity. The only thing I like to tell
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people and to keep in mind with that is that when you're
7:51
marketing them, you'd like you. Like I said, you don't have to
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do it on your exact coverage end date, but your policy will
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settle based off the actual ending value on the day of your
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coverage end date. So you booked feeder Sears on
8:03
LRP quotes out to November 3rd, but you sell them a month early
8:07
on October 3rd. That's fine, but your policy
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will settle based on the actual ending value of those cattle.
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Just one thing to keep in mind, a lot of people also ask how is
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actual inning value determined? For fat cattle, it's going to be
8:23
the weighted average from the five area negotiated fed cattle
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trade. So that's available on the USDA,
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USDA website. For feeder cattle, it's going to
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settle off the CME Feeder Cattle Index, that being a seven day
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weighted average across the 12 major cattle producing States
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and that's available on cmegroup.com.
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We'll also post a little a little submit so you guys can
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kind of see what that looks like.
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And we also report that on our afternoon livestock commentary
8:52
as well. So you can always get on that
8:54
and view that and just have everything in one place.
8:56
So some other highlights with LRP, there is no upfront, no
9:01
upfront cost. This sort of helps with cash
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flow. Your premium doesn't come due
9:06
until after your coverage and date and then you actually have
9:09
a 30 day grace period to pay it after that.
9:11
So thinking in comparison to futures, you have no brokers
9:15
fees, no margin calls, the premium subsidized.
9:18
So it typically runs about 25 to 30% cheaper than a put option.
9:22
So it's very in comparison to other price protection options,
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it definitely is the cheaper route.
9:29
Prior to COVID, I will say there was no subsidy.
9:32
So it was less attractive. That's also where LRP kind of
9:35
got that bad rap. But now it is subsidized, it's
9:39
discounted by about 35 to 55% with those added subsidy levels.
9:44
So if you are a beginning farmer and rancher, if you are a
9:48
veteran farmer and rancher, there is programs that we have
9:51
where you can qualify for an additional subsidy.
9:54
On top of that, coverage levels range from 85 to 100% and the
9:59
premiums cheaper for lower level coverage and then the premiums a
10:03
little more expensive for your higher end coverage.
10:05
Typically I don't recommend anything below 98% because that
10:10
just puts you in a position where you're less likely for
10:14
that claim situation. So yes, the premiums are a
10:17
little scary at first on the higher end coverage at these
10:21
levels. I mean at the levels that we're
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at, we're what, $20 off the highs?
10:25
So keep that in mind, but also you want to keep in mind like
10:31
any other insurance product, the higher the value, the more it's
10:34
going to cost to protect it. So think of vehicle insurance.
10:37
I mean, you'll pay substantially more in car insurance on $1000
10:42
pickup then you're going to pay on a $4000 running around pickup
10:45
that you use for the farm. So that's kind of something to
10:49
keep in mind there. LRP is also booked on a per head
10:53
basis. So that also adds to the
10:56
flexibility that we kind of touched on earlier.
10:58
Whereas trading futures and options, you're required to book
11:02
40,000 LB contracts on fats and 50,000 LB contracts on feeders.
11:06
So gives you a little more flexibility.
11:08
A lot of producers just kind of want to try it out.
11:12
So maybe they'll try it out. They have a 300 head cow calf
11:16
operation, but they only want to book it on 20 head.
11:18
So that is an option. Awesome, Awesome.
11:22
You're doing such a good job at explaining all of this,
11:25
Samantha, and making it as someone who didn't fully
11:29
understand what LRP was until I started having conversations
11:33
with you and Dan a year ago. Like I was one of those people
11:36
that I heard LRP and I was like, yeah, no, we don't do that.
11:39
We're not. We're not doing that because it
11:41
did get a bad rap for so many years.
11:44
And I think that this education piece of just explaining what it
11:48
is, what it isn't really taking some of those preconceived
11:52
notions like you had previously talked about when we first
11:55
started to of hey, this is what you might see, but like this is
12:00
this is how it actually is, is so helpful when we're having
12:03
this conversation. Yes, absolutely.
12:05
So just to give you guys a little bit more of a rundown,
12:09
give you guys some of a just a step by step process of if
12:13
you're interested in LRP, how to go about booking, go about
12:17
getting an application in or just viewing those quotes,
12:20
having something physically in front of you to be able to see
12:23
kind of what you're looking at what you're getting into.
12:25
So first thing you you want to do is get an application in
12:29
prior to booking that what we call specific coverage
12:33
endorsement and insurance Lehman's terms a policy.
12:35
So even if you're just still thinking about it and maybe you
12:39
don't want to book yet, maybe you're not ever going to use it,
12:43
but at least it's there. If you do want to pull the
12:46
trigger, just get that application and it's definitely
12:49
worth it. You don't have the added time
12:51
constraint. If you do want to pull the
12:53
trigger on quotes, say we're it's a limit update and you're
12:56
like, well yeah, I want to establish this and lock this in
12:59
as my bottom line. So the application, I always
13:03
compare it to crop insurance. Typically in crop insurance the
13:06
application is the policy that's you booking a policy.
13:10
This is not, this is just giving you the ability to book a policy
13:15
when that time comes. So it doesn't tie you to
13:17
anything. The app is just one time
13:19
paperwork. It's essentially good for a
13:21
lifetime so long as nothing on that application changes.
13:25
So just requires some basic producer information.
13:27
It's pretty simple process. I mean, you can just give us
13:30
your information, whether it's over the phone, whether it's
13:32
over a text. Our work numbers that we put out
13:36
to the public are actually through a app that is encrypted.
13:40
So everything super, super secure, we will refill a lot of
13:44
that information out on the application for you already and
13:48
then we'll just send it out to you via esign for signature and
13:53
that's it. So pretty, pretty simple
13:55
process. As far as the application, the E
13:58
science super nice technology these days is super nice when it
14:01
works because I mean I could be in Kansas, you could be in
14:04
Wyoming and there is no issue. So once we get that, that's when
14:09
you can submit that coverage endorsement.
14:12
Typically the application takes about a day, day and a half
14:14
processing time. But if you do want to book a
14:17
coverage, you know, immediately following the application, you
14:21
can do that. I just like to always make
14:23
people aware that if for any reason, the you know, there's
14:26
some some information that we have to fix on the application,
14:29
whether it be a wrongly, you know, wrong Social Security
14:33
number, whatever, then that policy will be void and you
14:37
wouldn't be able to book on those days.
14:38
Quotes, the likelihood of that slim, but we always just tell
14:41
people get the application in right away so we can get it
14:44
approved 1st and then we can get your policy booked.
14:46
So something to keep in mind when we look into the booking
14:51
process. These are where the quotes kind
14:53
of come hand in hand that we talked about earlier.
14:56
These are set every day by RMA. RMA stands for risk management
15:01
agency, so they release a set of LRP quotes based off of the
15:06
futures board from that day. These quotes are typically sent
15:10
out every trading day and I mean if there's a holiday or anything
15:13
like that and the boards close, they will not go out.
15:15
But every trading day these are released.
15:17
They are released on our afternoon livestock market
15:20
commentary that we kind of talked about via e-mail.
15:22
They're just going to be at the bottom of that commentary if you
15:25
want to sign up for that. Lauren and I kind of talked
15:27
about this. I think there is a place in the
15:30
Cattle USA drive where you can sign up for that.
15:33
If you are already signed up for the Cattle USA Drive e-mail
15:36
blast. If not, you know you can shoot
15:38
us an e-mail. I'm sure our information is
15:41
available in the show notes below.
15:42
However, you want to do that super easy process, just your
15:45
name and your e-mail, it's all we need need and it's free.
15:48
So can't beat that. But and the commentaries are
15:52
also a great way to get some insight as well as far as what's
15:55
happening in the market. So anyways, going back to
15:59
quotes, RMA releases those quotes every day based on the
16:02
future sport. Before I dive into this and you
16:05
go look at futures today and see that quotes for, you know, a
16:09
£400 steer don't line up with the feeder cattle futures.
16:13
You also have to keep in mind the feeder cattle futures are
16:17
based off 700 to 900 LB yearlings.
16:20
So in order for RMA to value the price difference between
16:24
yearlings, calves, heifers, whatever it is, it's done in
16:28
percentages. And again, you'll kind of see
16:30
this reflect on quotes. But for heavyweight steers,
16:34
you're insuring 100% of the index, lightweight steers, 110%
16:38
of the index heavyweight heifers, you're insuring 90% of
16:41
the index lightweight heifers, 100% of the index.
16:44
And unborn are going to be 100 and 5% of the index.
16:48
So don't think that you have to memorize all these.
16:51
I know it's a lot of information, that's why we're
16:53
here as agents, but it's just something that you should be
16:57
aware of. So there's not that discrepancy,
17:00
but some. So for example, say you book a
17:03
lightweight steer calf at £500, you're ensuring 110% of the
17:07
index. So come time your coverage ends,
17:10
you'd want to take the CME Feeder Cattle Index multiplied
17:13
by 110% to know the actual ending value of those cattle and
17:19
that's what your policy will settle against.
17:21
So the common question that I get a lot is how does RMA set
17:28
quotes on non contract months? Well it's usually a weighted
17:32
average of the two surrounding months.
17:34
So if you want to book in July and the coverage end dates
17:38
closer to June, then prices weigh heavier on June and vice
17:43
versa. So we get back on track with
17:46
those RMA quotes. They're released at 4:30 every
17:49
trading day based on futures. Those are available through once
17:54
RMA releases those quotes until 8:25 AM the next morning.
17:58
So that is the window that you of opportunity you have to book
18:02
on those days quotes kind of seems like an odd time frame,
18:06
but just think of it this way. I mean futures opens at 8:30,
18:10
goes to 1:05 PM from then on until the next trading day and
18:15
it reopens at 8:30. You have that window of
18:19
opportunity to book on those days quotes.
18:21
So coverage is also available from 85 to 100% coverage levels.
18:27
So it is completely customizable.
18:30
And then it also has a 35 to 55% subsidy level, higher subsidy
18:35
for lower level coverage and then lower subsidy on higher
18:39
level coverage. So less coverage, less premium,
18:42
vice versa for the coverage endorsement, you'll decide the
18:47
number of head, the target weight, the end date starting at
18:51
13 weeks out and it goes clear up to 52 weeks out.
18:55
So it's done in four week, four week increments and then you'll
18:59
also decide coverage price and again coverage level.
19:02
So on the quotes, you just want to keep in mind everything's
19:06
done per hundredweight. Some people think it's done per
19:09
head is done per hundredweight. So, and that is including the
19:12
premium cost. So if you look at some of these
19:14
premium costs and say you look at feeder steers, 600 to 1000
19:19
lbs thirty weeks out, the producer premium from
19:22
yesterday's quotes on 100% coverage level would be $14.13.
19:27
Again, that's done per 100 weight, so you will have to
19:30
convert that in a claim situation.
19:33
And again, this is kind of getting, but just so you guys
19:37
are aware of the process, again, we'll walk you through this.
19:39
Amy and Kim in our office, they'll call you, they'll say,
19:42
hey, this is what we need from you.
19:43
It's super, super simple. Process may seem a little bit
19:46
difficult at first, but it's just a matter of technicalities
19:49
and it really isn't that difficult at all.
19:51
So in a claim situation, you would sign a notice of loss form
19:56
sent out for signature via e-mail by our office if you sold
20:00
those cattle. Keep in mind, you know with
20:02
feeder cattle, you don't have to sell them.
20:03
So if you were to sell them, we'd need either a sales ticket
20:07
or just some sort of documentation showing you as a
20:11
seller. The purchaser, the date sold and
20:14
the weight and the headcount of said livestock.
20:18
So if you retain ownership of those cattle, you would again
20:22
sign a notice of lost form and then you'd submit a document
20:25
verifying ownership. So again, there's a lot of
20:28
flexibility with this. There is a magnitude of things
20:32
that qualify for this documentation.
20:34
It could be so much as a sign and certified statement just
20:38
stating that you covered the livestock and they weren't sold
20:41
prior to 60 days prior to the coverage end date and that those
20:45
livestock remarkable at the coverage end date followed by
20:48
your signature and that's it. Another option is a livestock
20:52
purchase agreement, so long as it shows the delivery or pick up
20:55
date. You can also submit a bill of
20:58
sale, financing and credit documents or some sort of third
21:01
party verification. That could be so much as a vet
21:04
or your feed supplier that maybe visited the ranch or saw those
21:09
physical cattle, just confirming that those cattle exist.
21:12
So then and then for unborns, you would have to submit some
21:15
sort of proof of ownership as well for the cow.
21:17
So that's the requirements there.
21:21
You also have 60 days after the coverage end date to sign the
21:25
notice of loss more form and submit the supporting documents.
21:29
So a lot of grace period there as well.
21:32
Again, just some technicalities. It's not anything super
21:36
difficult. And like I said, that's what
21:39
we're here for as agents. Take the burden off the Purdue.
21:42
Lean on us for questions, lean on us for guidance.
21:45
Like I said, it's not like you have to retain all this
21:47
information at once. If anything, it's just super
21:50
good to refer back to. Or if you have questions, feel
21:53
free to reach out anytime. We are here all the time to help
21:57
you with your questions. And we don't work on an 8 to 5,
22:00
you know, regular work day. We are here all hours of the
22:03
day. I mean, please don't call me at
22:04
4:00 in the morning, but other than that, we're good.
22:07
So something to keep in mind. Yes.
22:10
You were saying the hours earlier Samantha and I was like,
22:13
so you don't work during the middle of the day then, right.
22:15
That's how that works is you're submitting everything in the
22:19
evenings. And you know what?
22:21
As long as you're not waking up Samantha and her new baby at
22:24
4:00 in the morning, I think that you'll be pretty all right.
22:27
Yeah, I probably already up anyways with him, honestly.
22:30
So I guess shoot me a text, let's do it.
22:32
We've booked coverage before at like 11:00 PM at night, so hey.
22:37
You got to do what you got to do.
22:38
And when you're booking coverage and like this is such a unique
22:42
insurance coverage situation because it isn't just based off
22:46
of like, hey, you bought a $50,000 pickup.
22:50
This is your quote. You have six days to book it,
22:53
yadda, yadda, yadda. No, this is changing every day
22:55
based off of what the board is doing, what everything else, all
22:59
the other factors because it is a commodity market.
23:01
So everything that goes into that coverage and things like
23:04
that. So it's a very unique situation,
23:06
but it's also one of those things that I think a lot of us
23:09
producers can look back and remember what it used to be like
23:14
before we had this option and before we had something to back
23:18
us up. And it was very debilitating to
23:21
go to markets and not have any power there, not have any
23:26
ability to be like, OK, well, I can go home and I can feed my
23:29
family still. Like, hey, that wasn't great.
23:32
I did have to submit a loss claim and do all of these
23:37
things, but we're still good. And I think that that is the
23:41
biggest thing that this is here for is Peace of Mind and the
23:45
ability to sleep at night, even if Samantha isn't right now to
23:48
help get you guys your coverage. All of those things that LRP is
23:52
really here for. And it has its time and place, I
23:54
think, in everyone's operation. But that's going to look
23:58
uniquely different for each individual.
24:00
And I think that's something that we're going to kind of talk
24:02
about in the future a little bit more to Samantha, but yeah, it's
24:06
really amazing. Perfectly said, adding some
24:09
certainty into the uncertainty. Yes, awesome.
24:13
O if you guys, like I said, if you guys have any questions,
24:16
feel free to reach out to one of our agents like Lawrence.
24:19
Probably about to say probably everything's in the show notes.
24:22
So everything's right at your hands and we'd be happy to
24:25
answer any questions, talk you through anything.
24:27
And like, because like Lauren said, at the end of the day,
24:29
every operations different, every operations going to
24:32
utilize LRP in different ways. So yes, drop some questions down
24:37
in the comments and let us know your thoughts and I can always
24:40
get to them in the next podcast that we do regarding LRP or
24:44
check out our social media pages as well.
24:45
That's a great educational platform, sort of a landing
24:48
page. It's kind of line everything out
24:50
for you, line out LRP, see how it's utilized, see the programs
24:54
that we offer, the added subsidies through BFR or veteran
24:58
farmer and rancher, beginning farmer and rancher and all the
25:00
things. So keep that in mind.
25:03
Absolutely, Like Samantha said, everything is going to be down
25:06
in those show notes for you guys to check out.
25:08
And seriously, if you guys have questions or comments, whether
25:11
they're positive or negative surrounding LRP, let us know
25:14
because I think that we can have some real honest discourse and
25:17
discussion around LRP. And it gives Samantha a great
25:21
opportunity to see what producers are really thinking
25:23
and saying out there as well. And her and her team can really
25:27
sit back and be able to evaluate those questions and answer them,
25:30
whether it be on this podcast or whether it be over the phone,
25:34
through e-mail, any of those other contact ways that we have
25:36
down below for you guys. So Samantha, thank you as always
25:40
for coming on and just sharing your wealth of knowledge and
25:43
insight and coming on and really saying like, hey, point blank
25:46
period. This is this is LRP, this is
25:48
what it is, this is what it isn't.
25:50
And we really took a 30,000 foot view today, just using this as
25:53
an opportunity to explain the foundation of this.
25:57
And so I'm really excited in the future episodes that we're going
26:00
to be able to do over this to get a little bit more into the
26:03
depth of each different pillar and kind of what that can look
26:07
like on specific operations, whether it be on a cow calf
26:11
operation or whether it be in feeders or different things like
26:14
that and what that really looks like in the details.
26:17
So as always, Samantha, thank you for your time and to all of
26:20
our listeners, thank you for listening to another episode of
26:23
the Cattle USA Daily Podcast. We will see you all next time on
26:27
another episode. Have a good one y'all.