Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
STENSON TOM D
   2. Issuer Name and Ticker or Trading Symbol
FEDERAL AGRICULTURAL MORTGAGE CORP [AGM] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President & COO
(Last)
(First)
(Middle)
1133 21ST STREET, N.W., SUITE 600		 3. Date of Earliest Transaction (Month/Day/Year)
08/28/2008
(Street)

WASHINGTON, DC 20036		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Class C Non-Voting Common Stock 08/28/2008   M(1)   6,729 A $ 20.61 6,729 D  
Class C Non-Voting Common Stock 08/28/2008   S(1)   6,729 D $ 29.3582 0 D  
Class C Non-Voting Common Stock 08/29/2008   M(1)   700 A $ 20.61 700 D  
Class C Non-Voting Common Stock 08/29/2008   S(1)   700 D $ 29.3729 0 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 20.61 08/28/2008   M(1)     6,729   (2) 06/16/2015 Class C Non-Voting Common Stock 51,907 $ 20.61 45,178 D  
Employee Stock Option (right to buy) $ 20.61 08/29/2008   M(1)     700   (2) 06/16/2015 Class C Non-Voting Common Stock 51,907 $ 20.61 44,478 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
STENSON TOM D
1133 21ST STREET, N.W.
SUITE 600
WASHINGTON, DC 20036		       Executive Vice President & COO  

Signatures

 Jerome G. Oslick, as attorney-in-fact for Tom D. Stenson   09/02/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) This report reflects (on Table I) (i) the acquisition of a total of 7,429 shares of Class C Non-Voting Common Stock through two partial exercises of a previously unexercised employee stock option acquired by the reporting person in June 2005 pursuant to former Rule 16b-3; (ii) the sale of a total of 7,429 shares of Class C Stock in two separate transactions; and (on Table II) the partial closing of the June 2005 employee stock option. The exercises of the June 2005 employee stock option are exempt under Section 16(b) under Rule 16b-6 but are reported herein pursuant to Rule 16a-4.
(2) The option was exercisable commencing May 31, 2006 with respect to 17,302 shares, commencing May 31, 2007 with respect to 17,302 shares and commencing May 31, 2008 with respect to 17,303 shares.

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