Cattle producers, in many parts of the country, continue to be hit by extremely high temperatures, leading to the loss of thousands of head of cattle. Agriculture Secretary, Tom Vilsak, says those losses of cattle have been even more painful for producers because the animals are worth a lot more than they were just a few months ago:
The USDA has a program called “LIP” the Livestock Indemnity Program, that pays producers for things like losses due to heat. It pays at 75% of the fair market value but, that value has increased rapidly this year, so have average weights. The USDA is changing the fair market value for beef over 800 pounds:
That rate would apply to all claims made during 2023.
