U.S. Rep. Frank Lucas (R-OK) on Oct. 21 unveiled legislation to help America’s livestock producers improve their risk management skills so they can better anticipate cattle prices.
“Livestock producers across the country have faced years of uncertainty and, like others, need every tool within their belt to manage risk and sharpen their ability to weather the market’s uncertainty,” Rep. Lucas said on Monday.
The congressman cosponsored the Livestock Risk Management and Education Act, H.R. 4773, with bill sponsor U.S. Rep. Dusty Johnson (R-SD) that would authorize grants to certain state land-grant universities for bolstering risk management training for livestock producers on futures markets so they might better manage market volatility, according to a bill summary provided by Rep. Lucas’ office.
If enacted, H.R. 4773 would authorize the National Institute of Food and Agriculture (NIFA) to oversee grants and training resources on futures contracts and risk-management strategies, according to the summary.
“Producers already face an uphill battle of unpredictable weather, understanding cattle prices doesn’t need to be an added challenge,” said Rep. Johnson. “The Livestock Risk Management and Education Act will supply producers with the tools needed to anticipate highs and lows in the futures markets.”
“While we’ve seen tremendous signs of a strong economy — witnessing record declines in unemployment and rising wages across America — sadly, our nation’s farm industry continues to face challenging times, leaving our producers vulnerable to disruptions provoked by market instability and other factors,” added Rep. Frank Lucas. “Our producers rise to the challenge day in and day out and the Livestock Risk Management and Education Act would help provide stability for those that feed billions across the globe.”
H.R. 4773 has been referred for consideration to the U.S. House Agriculture Committee.