The U.S. Department of Agriculture’s Farm Service Agency recently announced that they will be updating the 2023 Livestock Indemnity Program (LIP) payment rate for beef calves over 800 pounds. The rate will increase from $1,244 per head to $1,618, an increase of $374.
The payment will apply retroactively to all qualifying losses since Jan. 1, 2023. No action is necessary for retroactive payments; producers will receive an additional payment if applicable.