oil pressure drops in IH 340 utility after warm-up

The oil guage shows pressure of about 45-50 psi on start up, but the reading drops to just under 20 after warm-up. Is this the wrong oil viscosity, a bad guage, a plugged line or a bad oil pump? The engine does not run hot. The least expensive resolution would of course be appreciated.
 
Oil pump or cam bearings, etc. However, if not run under heavy load it can last a long time with that oil pressure. It is not the viscosity, and a bad gauge will not read that high when cold. And, the oil pressure is always higher in a cold engine.
 
As CNKS says, most likely the oil pump. Specifically the pot metal oil pump cover is warped. Common problem on this series of engines. Low cost fix if that is the problem. Drop the pan, remove the oil pump cover, check with a straight edge to see if it is warped. Get something very flat (piece of plate glass) 220 or so grit sand paper and sand the cover flat. Very thin paper gasket between oil pump body and cover may be blown. Only place I know of to get it is CIH. HTH.
 

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