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 *
BUZBY TIMOTHY L
  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)
President and CEO
(Last)
(First)
(Middle)
C/O FARMER MAC, 1999 K STREET NW, 4TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
12/06/2013
(Street)

WASHINGTON, DC 20006
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 12/06/2013   M   12,916 (1) A $ 19.86 46,890 (2) D  
Class C Non-Voting Common Stock 12/06/2013   S   12,916 (1) (3) D $ 35.0214 (4) 33,974 (2) D  
Class C Non-Voting Common Stock 12/06/2013   M   13,333 (5) A $ 5.93 47,307 (2) D  
Class C Non-Voting Common Stock 12/06/2013   F   4,777 (5) D $ 35.12 42,530 (2) D  
Class C Non-Voting Common Stock 12/06/2013   D   2,251 (5) D $ 35.12 40,279 (2) D  
Class C Non-Voting Common Stock 12/06/2013   S   6,305 (3) D $ 35.1275 (6) 33,974 (2) 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
Stock Option $ 19.86 12/06/2013   M     12,916 (1)   (7) 08/11/2014 Class C Non-Voting Common Stock 12,916 $ 19.86 0 D  
Stock Appreciation Right $ 5.93 12/06/2013   M     13,333 (5)   (8) 06/04/2019 Class C Non-Voting Common Stock 13,333 $ 5.93 13,334 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BUZBY TIMOTHY L
C/O FARMER MAC
1999 K STREET NW, 4TH FLOOR
WASHINGTON, DC 20006
      President and CEO  

Signatures

 Anjali Desai, as attorney-in-fact for Timothy L. Buzby   12/10/2013
**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 12,916 shares of the Federal Agricultural Mortgage Corporation's ("Farmer Mac") Class C Non-Voting Common Stock through the exercise of a previously partially exercised stock option acquired by the Reporting Person in August 2004 pursuant to former Rule 16b-3; (ii) the sale of 12,916 shares of Class C Non-Voting Common Stock; and (on Table II) (iii) the exercise of the August 2004 employee stock option. The exercise of the August 2004 employee stock option is exempt under Section 16(b) under Rule 16b-6 but is reported herein pursuant to Rule 16a-4.
(2) Includes 28,264 shares of unvested restricted stock granted pursuant to Farmer Mac's 2008 Omnibus Incentive Plan. The grants of restricted stock have been described in detail in Farmer Mac's prior filings with the Securities and Exchange Commission.
(3) Transaction effected pursuant to a trading plan adopted by Mr. Buzby in accordance with Rule 10b5-1.
(4) The price reported in Column 4 is a weighted average price. These shares of Class C Non-Voting Common Stock were sold in multiple transactions at prices ranging from $35.00 to $35.04, inclusive. The Reporting Person undertakes to provide to Farmer Mac, any security holder of Farmer Mac, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to Form 4.
(5) Mr. Buzby received 6,305 shares of Farmer Mac's Class C Non-Voting Common Stock upon net share settlement of his partial exercise of 13,333 stock appreciation rights with a grant price of $5.93 per share. That partial exercise entitled Mr. Buzby to receive 11,082 shares of Farmer Mac's Class C Non-Voting Common Stock, and 4,777 shares were retained by Farmer Mac to satisfy tax withholding requirements arising from the exercise. Each stock appreciation right represents the right to receive, upon exercise, the number of shares of Farmer Mac's Class C Non-Voting Common Stock equal to the excess of the fair market value of shares on the exercise date over the grant price.
(6) The price reported in Column 4 is a weighted average price. These shares of Class C Non-Voting Common Stock were sold in multiple transactions at prices ranging from $34.90 to $35.35, inclusive. The Reporting Person undertakes to provide to Farmer Mac, any security holder of Farmer Mac, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to Form 4.
(7) Exercisable beginning May 31, 2005 with respect to 6,458 shares, beginning May 31, 2006 with respect to 6,458 shares, and beginning May 31, 2007 with respect to 6,458 shares.
(8) Exercisable beginning May 31, 2010 with respect to 13,333 shares, beginning May 31, 2011 with respect to 13,333 shares, and beginning May 31, 2012 with respect to 13,334 shares.

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