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This bill requires the Secretary of Agriculture to update the payment rates for the Livestock Indemnity Program on a quarterly basis instead of using outdated fixed rates. The Livestock Indemnity Program compensates farmers and ranchers when their animals are lost due to natural disasters or disease, and the bill ensures those compensation amounts better reflect current market prices for livestock. The Secretary will determine market values in coordination with the Agricultural Marketing Service and use other relevant resources to set appropriate payment rates. This change affects livestock producers across the country who rely on this program when their herds are damaged by unforeseen events. The bill does not specify new funding amounts but streamlines how existing program dollars are allocated by tying payments more closely to real-time market conditions.

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