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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 xqvYeXXp543mG/GlkRcnLw==

<SEC-DOCUMENT>0000845877-03-000232.txt : 20031217
<SEC-HEADER>0000845877-03-000232.hdr.sgml : 20031217
<ACCEPTANCE-DATETIME>20031217163822
ACCESSION NUMBER:		0000845877-03-000232
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031215
FILED AS OF DATE:		20031217

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CORSIGLIA NANCY E
		CENTRAL INDEX KEY:			0001250224

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14951
		FILM NUMBER:		031060374

	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_corsiglia121503ex.xml
<TEXT>
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    <documentType>4</documentType>
   <periodOfReport>2003-12-15</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000845877</issuerCik>
        <issuerName>FEDERAL AGRICULTURAL MORTGAGE CORP</issuerName>
        <issuerTradingSymbol>AGM</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001250224</rptOwnerCik>
            <rptOwnerName>CORSIGLIA NANCY E</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>Vice President -  Finance</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-15</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-15</value>
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         <transactionShares>
           <value>3590</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>2.625</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
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      <transactionDate>
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      <deemedExecutionDate>
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      </deemedExecutionDate>
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           <value>3590</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>30.827</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
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         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-16</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-16</value>
      </deemedExecutionDate>
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   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>2.625</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-15</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-15</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
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      <transactionAmounts>
         <transactionShares>
           <value>3590</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>2.625</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F3"/>
      </exerciseDate>
      <expirationDate>
         <value>2006-06-13</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>45747</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
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           <value>31566</value>
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           <value>D</value>
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   </derivativeTransaction>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>2.625</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-16</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-16</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
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      <transactionAmounts>
         <transactionShares>
           <value>2028</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>2.625</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F3"/>
      </exerciseDate>
      <expirationDate>
         <value>2006-06-13</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>45747</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>29538</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> This report reflects (on Table I) the acquisition of 5,618 shares of Class C Non-Voting Common Stock through the partial exercise of a previously partially unexercised employee stock option acquired by the reporting person in June 1996 pursuant to former Rule 16b-3 and the sale of 5,618 shares of Class C Stock; and (on Table II) the partial closing of the June 1996 employee stock option.  The exercise of the June 1996 employee stock option is exempt under Section 16(b) under Rule 16b-6, but is 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 June 13, 1996 with respect to 15,249 shares, commencing May 31, 1997 with respect to 15,249 shares, and commencing May 31, 1998 with respect to 15,249 shares.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Jerome G. Oslick, Attorney-in-fact for Nancy E. Corsiglia</signatureName>
      <signatureDate>2003-12-17</signatureDate>
   </ownerSignature>
</ownershipDocument>

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</DOCUMENT>
</SEC-DOCUMENT>
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