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 2, 2005

                    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 2.03.  Creation of a Direct Financial Obligation.

     (a) On  August  2,  2005,  the  Registrant  became  obligated  on a  direct
financial  obligation by issuing  $500,000,000  of 4.25% Fixed Rate Global Notes
Due July 29, 2008 (the "Notes"). The Notes are unsecured  unsubordinated general
obligations of the Registrant and have the terms and conditions set forth in the
Master Terms Agreement and Supplemental  Agreement  attached as Exhibits 4.3 and
4.4,  respectively,  to the  Form 8-A  filed  with the SEC on  August  4,  2005.
Payments  of  interest  on the Notes at a per annum  rate of 4.25%  will be made
semi-annually on each January 29 and July 29,  beginning  January 29, 2006 until
maturity on July 29,  2008.  Payment of the full  principal  amount of the Notes
will be paid at  maturity  on July 29,  2008.  The Notes are not  redeemable  or
callable  before  maturity on July 29, 2008 and are not convertible to any other
security of the Registrant.  The  Registrant's  application to list the Notes on
the New York Stock  Exchange has been  approved,  and the Notes are scheduled to
begin trading on that exchange on August 9, 2005. The Registrant also intends to
apply to list the Notes on the  Professional  Securities  Market  of the  London
Stock  Exchange.  The  Notes,  issued  under  the  Registrant's  Universal  Debt
Facility, are securities exempt from registration pursuant to section 3(a)(2) of
the Securities Act of 1933, as amended.


     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 8, 2005