Throughout February, March, April, and May 2009, Custom Ag Solutions worked with local FFA chapters to reach Wyoming's beginning producers with information about risk managment tools and Federal crop insurance programs. CAS efforts were conducted in partnership with the University of Wyoming Cooperative Extension Service with funding provided by the USDA's Risk Management Agency (RMA).
The sessions were coordinated and delivered by CAS' Scott Crosby, Keith Kennedy, and Ryan Mangus. Events were held in dozens of locations across Wyoming, including Lyman, Moutain View, Afton, Hulett, New Castle, Gillette, Byron, Lovell, Moorcroft, Meeteetse, Powell, Cody, Dayton, Worland, Ten Sleep, Basin and Thermopolis.
To illustrate the challenges of managing risk and the importance of Federal crop insurance programs, attendees participated in an interactive learning simulation involving a series of participant decisions. The simulation illustrated concepts of uncertainty and risk, and it demonstrated how risk management tools, including forward contracting, diversification, and crop insurance, can be used to improve the profitability and sustainability of a Wyoming ranching operation. The game's outcomes varied by student depending on uncontrollable chance and the risks chosen by a given student over a simulated six-year period.
Attendees also about the structure and benefits of Federal Crop Insurance Programs available in Wyoming, including RMA’s Forage, Livestock Risk Protection (LRP), and Adjusted Gross Revenue-Lite (AGR-Lite) Programs. CAS' presenters also encouraged attendees to consider participation in the annual RMA - FFA Risk Management Essay Contest.
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