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AFBF says new dairy insurance program should help

American Farm Bureau’s chief economist says the new Dairy Coverage Program in the 2018 Farm Bill would had added more than a dollar per hundredweight to farmers’ monthly milk checks during the past farm bill.

“It would have provided much needed support and I think a lot of that is due to the increase in the coverage level as well as the lower premium rates.”         

John Newton tells Brownfield the significantly revamped dairy insurance program does build off of changes made in this past year to the 2014 bill.

“They really built off of what they started to do in the Bipartisan Budget Act.  They continued to make dairy margin coverage very affordable.  They now allow you to fully participate in Dairy Margin Coverage as well as the Farm Bureau developed Dairy Revenue Protection Policy or LGM Dairy.”

He recommends combining forward contracting with crop insurance, the Dairy Coverage Program and AFBF’s Dairy Revenue Protection Program to create the best safety net possible.

AUDIO: Brownfield interview with John Newton