The cattle industry welcomed legislation introduced this week that would provide grants to certain state land-grant universities to better equip livestock producers with risk management training.
South Dakota Republican Representative Dusty Johnson introduced the Livestock Risk Management and Education Act in the House of Representatives. The National Cattlemen’s Beef Association says the bill “speaks directly to our core values as an industry,” adding the legislation gives producers the latest farm management resources and tools to help them navigate dynamic markets.
The legislation would authorize the National Institute of Food and Agriculture to provide resources to improve livestock producers’ knowledge of futures markets, and to help them better manage market volatility. Representative Johnson says an understanding of futures contracts and risk management strategies will allow producers to better anticipate cattle prices.