1. The department of agriculture shall establish and administer, through the Missouri agricultural and small business development authority, a dairy producer margin insurance premium assistance program for the purpose of assisting dairy producers who participate in the federal margin protection program for dairy producers as contained in the federal Agricultural Act of 2014.

2. All dairy producers in the state who participate in the federal margin protection program for dairy producers shall be eligible to apply and participate in the dairy producer margin insurance premium assistance program. Dairy producers who wish to be considered for the program shall apply with the Missouri agricultural and small business development authority by January first of each year, and shall provide proof of participation in the federal margin protection program for dairy producers as contained in the federal Agricultural Act of 2014 by submitting a receipt of their paid annual federal premium payment. Eligible program participants shall receive reimbursement of seventy percent of their federal premium payment up to a maximum premium reimbursement rate of thirty-four cents per hundredweight of milk.

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3. The University of Missouri and the Missouri agricultural and small business development authority shall provide risk management training for Missouri dairy producers on an annual basis.