Protecting Your Profits Guest Speaker Series – Partnership of NCSU and The Center for Dairy Excellence
As a follow-up to the Southeast Dairy Risk Management Workshop Series in 2019, NCSU Extension and Pennsylvania’s Center for Dairy Excellence have put together a Protecting Your Profits Guest Speaker Series thanks to a grant from the Southern Risk Management Education Center. Dates for the 2020 Guest Speaker Series are January 22 (Dairy Price Outlook – Katie Burgess, Blimling & Associates), March 25 (Dairy Revenue Protection – Christine Brodeur, DFA Risk Management), and May 27 (Farm Financials – Matt Lange, Compeer Financial). Webinars are open to anyone, and the individual links for each one is included in the flyer..
Southeast Dairy Risk Management Workshop Series
Dairy Risk Management Education Workshops for NC, SC and VA farms were held on May 29th (Roanoke, VA) and 30th (Belmont, NC) as part of a grant collaboration with NCSU, VA Tech and Clemson Extension. Sara Dorland was the main presenter. Sara Dorland is the managing partner of Ceres Dairy Risk Management LLC and also manages the Daily Dairy Report. Sara Dorland’s Southeastern Dairy Risk Management Seminar Slides are available here.
As a follow-up to the workshop series, dairy producers in NC, SC and VA may also participate in monthly calls facilitated by the Center for Dairy Excellence in Pennsylvania that are focused on dairy risk management. These calls are brief, usually lasting less than 1/2 hour, begin at noon on the last Wednesday of every month, and can be joined using the information below:
Dairy Risk Management Options Comparison Chart
LGM, DMC (formerly MPP), Dairy-RP….Get the feeling we need a handbook on translating acronyms just to know what dairy risk management options are available? Click here for a brief summary comparison of these three policies.
Dairy Revenue Protection Meetings
On October 9 dairy farmers across the U.S. will have a new USDA-sponsored risk management tool in the toolbox. Dairy Revenue Protection will protect against unexpected declines in milk revenue, declines in the value of milk or declines in the state or pooled production region-indexed milk production volume.
Under Dairy Revenue Protection a farmer has only five decisions to make:
-The method to value milk in the policy
-The amount of milk production to cover
-The level of coverage (from 70 to 95 percent of the revenue guarantee)
-Which quarterly contracts he/she wishes to purchase
-The optional protection factor.
Discover NC Dairy is a virtual dairy farm tour that will soon be available for dairy producers, extension agents and agricultural educators from NC State Extension. The video kiosk version had its maiden voyage at the 90th annual NC FFA Convention in Raleigh on June 19-20, 2018. Students and ag teachers alike were able to see videos from real dairy farms in NC and the Southeast that covered everything from the nursery to the milking parlor, and from field crops to waste management. Later this summer, Discover NC Dairy – 360°, an immersive, virtual reality experience for participants, complete with 3-D headsets will be debuted at the Mountain State Fair in Fletcher & the State Fair in Raleigh! This project was made possible by a Gore Innovation Grant through NC State Extension and was supported by Ag & Resource Economics & Animal Science Departments, the Dairy Alliance and NCDA&CS. For more information, visit go.ncsu.edu/discover-nc-dairy
Risk Management Links of Interest
- National Milk Producers Federation – MPP Program
- American Farm Bureau Federation’s Dairy Revenue Protection Insurance
- University of Wisconsin – Livestock Gross Margin for Dairy Analyzer
Business Management Tools
The Dairy Profit Monitor, part of the PRO-DAIRY Program at Cornell University, is a business management program that allows dairy producers to enter herd and financial data every month online and at their convenience. Users get an immediate report back on their business on dairy benchmarks, as well as financial parameters. If you are a producer interested in participating in Dairy Profit Monitor, please contact Brittany Whitmire for additional information.