DMC an essential risk-management option for 2021

Forecasts for prices and politics both make signup for the Dairy Margin Coverage Program a compelling risk-management choice for 2021, National Milk Producers Federation Senior Vice President for Member Services & Strategic Initiatives Chris Galen says in an NMPF podcast released today.

“Congress is still trying to pass another stimulus bill to help all walks of life in our society and our economy and hopefully agriculture will be part of that, but right now there aren’t any serious negotiations. Who knows if that can will be kicked into 2021?” Galen said. “What we do know is that the DMC program is forecast to make payments in the first part of 2021. So you’ve got to go with what you know.”

NMPF is offering dairy farmers, cooperative members and state dairy associations a free webinar on Wednesday, Dec. 2, to help them develop effective risk management plans that can protect them in what’s predicted to be a volatile year in 2021. NMPF Chief Economist Peter Vitaliano will be discussing

the dairy price outlook for next year, and the value of risk management tools including Dairy Margin Coverage, in the webinar, moderated by Galen, at 1:30 p.m. EST on Wednesday, Dec. 2.

Participants will be able to ask questions about the year ahead and learn more about how farmers can manage their risk through expected turbulence.  The webinar will examine the milk and feed price forecast, forecast margins, and analyze how the Dairy Margin Coverage program will offer farmers protection against price volatility. Dairy producers seeking more information can visit NMPF’s page on risk management to learn more about DMC, CFAP and other tools to promote financial security for dairy operations.

To listen to the full discussion, click here. You can also find this and other NMPF podcasts on Apple Podcasts, Spotify and Google Play.