It's very likely that the nub on the end of the shifter is badly worn, and slipped out of the shifting forks.
For now, be very deliberate and careful about how you shift. Straight ahead, straight sideways. Don't try to "cut corners." The real fix is to get the nub welded up and ground back down to original spec. You can get an idea of the shape it needs to be by looking at the width and depth of the slots in the shifter rails once the lever is removed.
This is a much easier fix on a 560 than an M because you remove three bolts instead of having to disassemble the shifter gimbal. You're also right there flush with the surface of the transmission cover where on an M you have to reach down in a hole.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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