Livestock Indemnity Program Improvement Act of 2024

This bill updates how the federal government calculates compensation for livestock producers who lose animals due to disasters. It requires the Secretary of Agriculture to determine the market value of lost livestock **quarterly** (instead of annually), in coordination with the Agricultural Marketing Service and using other relevant data sources. This change directly affects livestock producers receiving payments under the Livestock Indemnity Program, ensuring compensation reflects current market conditions more frequently. The key mechanism is the new quarterly valuation process, replacing the previous annual determination.