Average net income on 988 Iowa farms dropped from $11,360 in 1950 to $8,958 in 1951. This was a 21 percent drop. And why the decline? Increased feed costs without a corresponding rise in livestock prices, lower crop yields and higher operating costs.
Howell, H. B. and Bivens, Gordon E.
"Farm Income and Costs - 1951,"
Iowa Farm Science: Vol. 7
, Article 3.
Available at: https://lib.dr.iastate.edu/farmscience/vol7/iss2/3