The U.S. Cattlemen’s Association applauds recent action by the Department of Agriculture to update the 2023 Livestock Indemnity Program payment rate. Late last week, USDA announced the payment rate for beef calves over 800 pounds will increase from $1244 per head to $1618, an increase of $374.
USDA’s Farm Service Administration acknowledged that some animals might have lost weight due to extreme weather conditions, and they are working on how to handle those cases. “A loss in today’s market has a significantly higher impact on a producer’s bottom line, and the updated indemnity better reflects the value of that animal,” said USCA President Justin Tupper.
The payment will apply retroactively to all qualifying losses since January 1, 2023. No action is necessary for retroactive payments, and producers will receive an additional payment if applicable. Payments will be queued up for current losses as early as next week.