-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CVtnP/dYUswWr8h0jeTjzvJYSTiMlDZc60743IS4bdEDQ5gZ2n+bbQtgcO0XFMVa
 kW4Fdpg1belNnN0vPjAS6A==

<SEC-DOCUMENT>0000845877-03-000206.txt : 20031210
<SEC-HEADER>0000845877-03-000206.hdr.sgml : 20031210
<ACCEPTANCE-DATETIME>20031210160113
ACCESSION NUMBER:		0000845877-03-000206
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031204
FILED AS OF DATE:		20031210

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MORRIS MICHAEL P
		CENTRAL INDEX KEY:			0001272183

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14951
		FILM NUMBER:		031047453

	MAIL ADDRESS:	
		STREET 1:		1133 TWENTY FIRST ST NW STE 600
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEDERAL AGRICULTURAL MORTGAGE CORP
		CENTRAL INDEX KEY:			0000845877
		STANDARD INDUSTRIAL CLASSIFICATION:	FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
		IRS NUMBER:				521578738
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1133 21ST STREET, N.W.
		STREET 2:		STE 600
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		2028727700

	MAIL ADDRESS:	
		STREET 1:		1133 21ST STREET, N.W.
		STREET 2:		SUITE 600
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>f3_morris121003ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>
   <periodOfReport>2003-12-04</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000845877</issuerCik>
        <issuerName>FEDERAL AGRICULTURAL MORTGAGE CORP</issuerName>
        <issuerTradingSymbol>AGM</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001272183</rptOwnerCik>
            <rptOwnerName>MORRIS MICHAEL P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1133 TWENTY FIRST ST NW STE 600</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>VP - Mortgage Servicing</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeHolding>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>45.06</value>
      </conversionOrExercisePrice>
      <exerciseDate>
         <value>2003-04-01</value>
      </exerciseDate>
      <expirationDate>
         <value>2012-04-01</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>500</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>26.25</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F1"/>
      </exerciseDate>
      <expirationDate>
         <value>2012-09-12</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>500</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
   <derivativeHolding>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>26.68</value>
      </conversionOrExercisePrice>
      <exerciseDate>
            <footnoteId id="F2"/>
      </exerciseDate>
      <expirationDate>
         <value>2013-10-16</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>2500</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeHolding>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> The option is exercisable commencing September 12, 2002 with respect to 166 shares, commencing August 31, 2003 with respect to 167 shares, and commencing August 31, 2004 with respect to 167 shares.</footnote>

      <footnote id="F2"> The option is exercisable commencing October 16, 2003 with respect to 833 shares, commencing August 31, 2004 with respect to 833 shares, and commencing August 31, 2005 with respect to 834 shares.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Michael P. Morris</signatureName>
      <signatureDate>2003-12-10</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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