Towards the year 1900, the Spanish countryside witnessed the emergence of an agricultural co-operative movement, formed by farmers of small or middle sized holdings. The importance of the economic activity thus generated is evaluated, whilst analysing some of the obstacles which prevented its development. The conclusion reached is, that despite the existence of some co-operative nuclei of great vitality, the Spanish agricultural co-operative movement during the first third of the 20th century, was characterised by decapitalisation and by a lack of consolidation. As a result, its capacity to introduce small scale farming was very limited.