WASHINGTON, D.C. – Oklahoma congressman Frank Lucas introduced a livestock bill earmarked to add risk management training to land-grant universities’ curriculum.
The Livestock Risk Management and Education Act would authorize the National Institute of Food and Agriculture to provide resources to improve livestock producers’ knowledge of futures markets to better manage market volatility and better anticipate cattle prices. “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,” Lucas said.
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, he said.
This new authority would allow land-grant universities, such as South Dakota State University, to partner with grower associations to more directly reach producers. U.S. Representatives Dusty Johnson (R-S.D.) and Liz Cheney (R-WY) also joined Lucas with the bill.