UNITED STATES
                       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): October 7, 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 Twenty-First 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 8.01.  Other Events.

     On October 7, 2004, the Board of Directors of the  Registrant  declared for
the first time a quarterly  dividend on the Registrant's three classes of common
stock - Class A Voting  Common Stock,  Class B Voting Common Stock,  and Class C
Non - Voting Common Stock. The quarterly dividend of $0.10 per common share will
be payable on December 31, 2004 to common  stockholders of record as of December
15,  2004.  The Board of  Directors of the  Registrant  also  declared a regular
quarterly dividend on the Corporation's 6.40% Cumulative Preferred Stock, Series
A. The quarterly  dividend of $0.80 per  preferred  share is for the period from
October 1, 2004  through  December  31, 2004 and will be payable on December 31,
2004 to preferred stockholders of record as of December 20, 2004.













                                   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 hereunto duly authorized.

                                    FEDERAL AGRICULTURAL MORTGAGE CORPORATION



                                    By:   /s/ Timothy L. Buzby          
                                       ---------------------------------
                                        Name:   Timothy L. Buzby
                                        Title:  Vice President - Controller




Dated:      October 13, 2004