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"Got Risk?" Beef Cattle Risk Management

Stephen H. Amosson

Summary

Nearly half the agricultural cash receipts in Texas are generated by beef cattle production. Texas ranks number one in fed beef production among all states. However, recent droughts left this industry in a precarious financial position and brought about the need for improved risk management skills to ensure the future success of this industry.

The primary objective of the Texas – RMA partnership agreement was to inform beef producers of the tools and strategies available to them to enhance their risk management skills. The project, entitled “Got Risk?” was a coordinated effort with Texas Cooperative Extension (TCE), the Texas Department of Agriculture (TDA), and the Texas Southwestern Cattle Raisers Association (TSCRA). Sixteen papers were developed that addressed various risk management issues faced by Texas beef producers. These papers were presented and distributed at eight one-day risk management conferences held across the state at which 425 people participated. Paper abstracts were sent to 15,000+ clientele via The Cattleman magazine.

The conferences had a significant impact on producer risk management plans. Results of the exit survey indicated that 91 percent of beef producers that didn’t have a risk management plan were going to develop one and 75 percent of producers that had a risk management plan were going to modify it based on what they heard at the conference.

Project materials were posted to the “Got Risk?” website which received 4,196 “hits”. In addition, a risk management Curriculum Guide publication on livestock insurance options was developed for use with marketing clubs.

Details

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