Excerpts: This report gives the results of the first phase of a two-phase study made by Fanner Cooperative Service, U.S. Department of Agriculture, at the request of directors of Central America Cooperative Federation, Inc. (CACF), Louisville, Ky. This report examines the overall need for restructuring dairy cooperatives. It includes a review of the development of dairy cooperatives and dairy marketing trends, an analysis of potential benefits to dairy men from a fully coordinated cooperative marketing program, and a plan for equitably distributing marketing proceeds to members.