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Production Risk Management Options for Wyoming Ranches: Crop Insurance and Federal Disaster Programs

Vincent Smith, James Johnson and, John Hewlett (August, 2011)

Summary

Ranchers know they are involved in risky enterprises and use a wide range of tools to manage risk and reduce the chances that they will suffer financial losses. Increasingly, federal insurance for agricultural commodities offered by the Federal Crop Insurance Corporation has become an important and attractive risk management tool for ranchers. This paper provides detailed descriptions of three disaster programs authorized under the 2008 Farm Bill that apply directly to ranch operations, as well as Federally-subsidized crop insurance available from private insurance companies agents.