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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JLrJ8FPF4u/Il4Ca5UQoi24W7JsqcFTanRUckJYNPH8FIp5rXKDB4GBydkT2uEIb
 YJ/Nn80t9gbBsuaq1fHdFg==

<SEC-DOCUMENT>0000845877-03-000242.txt : 20031222
<SEC-HEADER>0000845877-03-000242.hdr.sgml : 20031222
<ACCEPTANCE-DATETIME>20031222160736
ACCESSION NUMBER:		0000845877-03-000242
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031218
FILED AS OF DATE:		20031222

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OSLICK JEROME G
		CENTRAL INDEX KEY:			0001250219

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14951
		FILM NUMBER:		031067824

	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_oslick121803ex.xml
<TEXT>
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<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-12-18</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000845877</issuerCik>
        <issuerName>FEDERAL AGRICULTURAL MORTGAGE CORP</issuerName>
        <issuerTradingSymbol>AGM</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001250219</rptOwnerCik>
            <rptOwnerName>OSLICK JEROME G</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 - General Counsel</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-18</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-18</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>1946</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>15.125</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>6196</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-18</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-18</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F2"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1946</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>31.40</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>4250</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-19</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-22</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
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         <transactionShares>
           <value>1498</value>
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         <transactionPricePerShare>
           <value>15.125</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
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         <sharesOwnedFollowingTransaction>
           <value>5748</value>
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            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Class C Non-Voting Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-19</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-22</value>
      </deemedExecutionDate>
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         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
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            <footnoteId id="F2"/>
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           <value>1498</value>
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         <transactionPricePerShare>
           <value>31.0969</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
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           <value>4250</value>
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         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
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   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>15.125</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-18</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-18</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1946</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>15.125</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F3"/>
      </exerciseDate>
      <expirationDate>
         <value>2010-06-01</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>33554</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>14073</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>15.125</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-19</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-22</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1498</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>15.125</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F3"/>
      </exerciseDate>
      <expirationDate>
         <value>2010-06-01</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Class C Non-Voting Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>33554</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>12575</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 3,444 shares of Class C Non-Voting Common Stock through two partial exercises of a previously partially unexercised employee stock option acquired by the reporting person in June 2000 pursuant to former Rule 16b-3 and the sale of 3,444 shares of Class C Stock; and (on Table II) the partial closing of the June 2000 employee stock option.  The exercise of the June 2000 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 1, 2000 with respect to 11,185 shares, commencing May 31, 2001 with respect to 11,185 shares, and commencing May 31, 2002 with respect to 11,184 shares.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Jerome G. Oslick</signatureName>
      <signatureDate>2003-12-22</signatureDate>
   </ownerSignature>
</ownershipDocument>

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</SEC-DOCUMENT>
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