SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                             --------------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported)      November 26, 1997


                          Federal Agricultural Mortgage Corporation
                   (Exact Name of Registrant as Specified in its Charter)

 Federally chartered instrumentality
         of the United States                 0-17440        52-1578738

State or Other Jurisdiction of Incorporation  (Commission    (IRS Employer
                                              File Number)  Identification No.)
                                                     


    919 18th Street, N.W., Suite 200, Washington, D.C.           20006
                              
           (Address of Principal Executive Offices)            (Zip Code)
                                                         

Registrant's telephone number, including area code:            (202) 872-7700
- --------------------------------------------------------------------------------
 
                                          N/A
        (Former Name or Former Address, if Changed Since Last Report)








Item 5.           Other Events

      On November  26,  1997,  the  Federal  Agricultural  Mortgage  Corporation
completed the sale of 400,000 shares of its Class C Non-Voting Common Stock, par
value $1.00 per share, in an underwritten  public offering.  A copy of the final
Offering Circular used in connection with the offer and sale of those securities
is attached.

Item 7.           Financial Statements and Exhibits

      Exhibit 99(1) - Offering Circular, dated November 21, 1997.














                                   SIGNATURES

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                     FEDERAL AGRICULTURAL MORTGAGE CORPORATION
                                     (Registrant)


                                    By:   /s/ Michael T. Bennett
                                          Michael T. Bennett
                                          Vice President


Date: November 26, 1997









                                  Exhibit Index



Exhibit 99(1)