Sioux City Times

Today, U.S. Representative Randy Feenstra introduced a new piece of legislation aimed at improving the Livestock Indemnity Program (LIP). The proposed changes focus on providing Iowa cattle and livestock producers with fair market prices for their livestock.

Currently, the U.S. Department of Agriculture’s Farm Service Agency updates LIP payment rates annually. Feenstra's legislation seeks to adjust these rates quarterly to better reflect changing market conditions.

"When severe storms strike or animal disease spreads, Iowa cattle producers deserve a fair price for deceased livestock," stated Rep. Feenstra. He explained that annual updates do not accurately account for unpredictable market conditions, impacting family farms negatively. "My bill – the Livestock Indemnity Program Improvement Act – will cut that timeframe down to every three months so that our producers receive a fair and more accurate price for their livestock."

Rob Medberry, President of the Iowa Cattlemen's Association, expressed support for this initiative. "Livestock producers work tirelessly to prevent disease, mitigate risk, and remain resilient in the face of disaster," he said. Medberry emphasized the importance of regular updates to payment rates in helping producers recover from losses.

The National Milk Producers Federation also supports this legislation.