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): August 9, 2004

                    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        (Commission         (I.R.S. Employer
 incorporation or organization)        File Number)        Identification No.)

 1133 21st Street, N.W., Suite 600, Washington, D.C.            20036
 ---------------------------------------------------        ------------
     (Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (202) 872-7700

                                    No change
          (Former name or former address, if changed since last report)

Item 7.  Financial Statements and Exhibits.

      (a) Not applicable.

      (b) Not applicable.

      (c) Exhibits:

                  99    Press release dated August 9, 2004.

Item 9.  Regulation FD Disclosure.

     On August 9, 2004, the  Registrant  issued a press release to announce that
its Board had adopted a dividend  policy with respect to its 3 classes of Common
Stock and had authorized the repurchase of up to 10 percent of the  Registrant's
outstanding  Class  C  common  stock.  The  press  release  also  announced  the
Registrant's  intention  to obtain a  rating.  A copy of the  press  release  is
attached to this report as Exhibit 99 and is incorporated herein by reference.

     The information set forth above shall not be deemed "filed" for purposes of
Section 18 of the  Securities  Exchange Act of 1934 or otherwise  subject to the
liabilities  of that  section.  The  information  in this  Form 8-K shall not be
incorporated by reference in any other filing under the Securities  Exchange Act
of 1934 or the  Securities Act of 1933 except as shall be expressly set forth by
specific reference to this Form 8-K in such a filing.


     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 hereunto duly authorized.

                                    FEDERAL AGRICULTURAL MORTGAGE CORPORATION

                                    By:   /s/ Jerome G. Oslick
                                        Name:   Jerome G. Oslick
                                        Title:  Vice President - General Counsel

Dated:      August 9, 2004

                                  EXHIBIT INDEX

Exhibit No.                   Description                           Page No.
-----------                   -----------                           --------

99                           Press Release Dated August 9, 2004         5