This study has as purpose to investigate the origin of the funds that financed the net working capital needs of a sample of 64 located agricultural cooperatives in eight Brazilian states, in the period 1999 to 2004. The results obtained lead to the conclusion that cooperatives' demand for working capital has not been financed, in general, with permanent funds (long term liabilities and stockholders' equity). So, there is a need to raise short-term burdensome funds to complement the financing of its financial cycle, generally, with higher cost and risks than the other sources of funds.
farming cooperativism; financing of working capital; dynamic analysis
