Federal Crop Insurance Could Protect Dairy Farmers
A new federal crop insurance program could help Wisconsin dairy farmers protect themselves against low milk prices. The Dairy Revenue Protection program is set to begin in October – allowing farmers to set the amount they want to make on a certain amount of milk. Farmers can receive indemnity pay if their revenue doesn’t meet that set level. Insurance costs are determined by expected milk prices and market risk. The Wisconsin Farm Bureau says farmers may not find it affordable after four years of low prices – but add that they may later be able to lock in a more profitable level.