Clunking in Tranny o Brake

I have a 1965 IH Cub that has just after cultivating a small area (May or may not be related) is making a "clunking" sound in the left back axel area every second rotation of the back wheel. I am thinking its either the brake mechanism or a tranny problem. Any help pf guidance on what it may be before I open her up to explore?
 

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