Net returns above both cash and economic costs improved for cow/calf producers for both 1990 and 1991. Returns above cash costs were near breakeven for several subgroups (size groups or regions), but returns to management, unpaid labor, and risk were positive for only the 500-999 size group in 1991. Cash receipts were the highest since 1972 in nominal terms. Feed costs constituted 26-38 percent of total cash costs for subgroups.