-----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,
 M/L7rCre6v67KpE2Gd4a5X/dl4IVjwPhENu/watzkhtaDVZCllmaWh6jlMbVBHLu
 2v1gVLcVUz84HEoIs0oQjQ==

<SEC-DOCUMENT>0000845877-03-000210.txt : 20031210
<SEC-HEADER>0000845877-03-000210.hdr.sgml : 20031210
<ACCEPTANCE-DATETIME>20031210160254
ACCESSION NUMBER:		0000845877-03-000210
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031208
FILED AS OF DATE:		20031210

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STENSON TOM D
		CENTRAL INDEX KEY:			0001250225

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14951
		FILM NUMBER:		031047462

	BUSINESS ADDRESS:	
		STREET 1:		C/O FARMER MAC
		STREET 2:		1133 TWENTY FIRST STREET NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		2028727700

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>4
<SEQUENCE>1
<FILENAME>f4_stenson120903ex.xml
<TEXT>
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    <documentType>4</documentType>
   <periodOfReport>2003-12-08</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000845877</issuerCik>
        <issuerName>FEDERAL AGRICULTURAL MORTGAGE CORP</issuerName>
        <issuerTradingSymbol>AGM</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001250225</rptOwnerCik>
            <rptOwnerName>STENSON TOM D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARMER MAC</rptOwnerStreet1>
            <rptOwnerStreet2>1133 TWENTY FIRST STREET NW</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-Agricultural Finance</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-08</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-08</value>
      </deemedExecutionDate>
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      <transactionAmounts>
         <transactionShares>
           <value>1755</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>12.9167</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>17881</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
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         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
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      </securityTitle>
      <transactionDate>
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      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-08</value>
      </deemedExecutionDate>
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      </transactionCoding>
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         <transactionShares>
           <value>1755</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>29.2067</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>16126</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-08</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-08</value>
      </deemedExecutionDate>
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         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
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            <value>D</value>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-08</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-08</value>
      </deemedExecutionDate>
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         </transactionPricePerShare>
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            <value>D</value>
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   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>12.9167</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-08</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-08</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1755</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>12.9167</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F3"/>
      </exerciseDate>
      <expirationDate>
         <value>2007-08-07</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>4050</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
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           <value>0</value>
         </sharesOwnedFollowingTransaction>
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           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>20.00</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-08</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-08</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5895</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>20.00</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F4"/>
      </exerciseDate>
      <expirationDate>
         <value>2008-06-04</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>13800</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7905</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> This report reflects (on Table I) (i) the acquisition of 1,755 shares of Class C Non-Voting Common Stock through the exercise of a previously partially  unexercised employee stock option acquired by the reporting person in August 1997 pursuant to former Rule 16b-3 and the sale of 1,755 shares of Class C Stock and (ii) the acquisition of 5,895 shares of Class C Non-Voting Common Stock through the partial exercise of a previously unexercised employee stock option acquired by the reporting person in June 1998 pursuant to former Rule 16b-3 and the sale of 5,895 shares of Class C Stock; and (on Table II) the closing of the August 1997 employee stock option and the partial closing of the June 1998 employee stock option.  The exercises of the August 1997 and June 1998  employee stock options are exempt under Section 16(b) under Rule 16b-6, but are reported herein pursuant to Rule 16a-4.</footnote>

      <footnote id="F2"> Transaction pursuant to plan under Rule 10b5-1.</footnote>

      <footnote id="F3"> The option was exercisable commencing August 7, 1997 with respect to 1,350 shares, commencing August 7, 1998 with respect to 1,350 shares, and commencing August 7, 1999 with respect to 1,350 shares.</footnote>

      <footnote id="F4"> The option was exercisable commencing June 4, 1998 with respect to 4,599 shares, commencing May 31, 1999 with respect to 4,599 shares and commencing May 31, 2000 with respect to 4,602 shares.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Tom D. Stenson</signatureName>
      <signatureDate>2003-12-09</signatureDate>
   </ownerSignature>
</ownershipDocument>

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</DOCUMENT>
</SEC-DOCUMENT>
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