The United States experienced a major farm crisis during the 1980s.
Land prices had fallen dramatically leading to record foreclosures.
Farm debt for land and equipment purchases soared during the 1970s and early 1980s, doubling between 1978 and 1984.
Exports fell at the same time, due in part to the 1980 United States grain embargo against the Soviet Union.
Credit availability and inflation had contributed to an increase in the price of farm land.