Texas/New Mexico Stateline | Did a quick quote on their site insuring steers until May 2019 and they estimated the premium at $4.72 cwt. That is a little more than what you can buy a CME May $1.42 put option for.
If you do buy a put and the underlying futures goes up, you can sell back your put for a partial loss, and roll it up to a higher price. Can't do that with insurance.
Insurance is easy though, you pay a premium and don't have to mess with it.
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Insuring cattle floor price
