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 *
RAINES JOHN DAN JR
   2. Issuer Name and Ticker or Trading Symbol
FEDERAL AGRICULTURAL MORTGAGE CORP [AGM] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
246 EAST WASHINGTON STREET		 3. Date of Earliest Transaction (Month/Day/Year)
05/31/2006
(Street)

ASHBURN, GA 31714		 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 05/31/2006   M(1)   3,700 A $ 22.4 3,887 D  
Class C Non-Voting Common Stock 05/31/2006   S(1)   3,700 D $ 24.94 187 D  
Class C Non-Voting Common Stock 05/31/2006   M(1)   2,000 A $ 22.11 2,187 D  
Class C Non-Voting Common Stock 05/31/2006   S(1)   2,000 D $ 24.8875 187 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 (right to buy) $ 22.4 05/31/2006   M(1)     3,700   (2) 06/05/2008 Class C Non-Voting Common Stock 6,000 $ 22.4 0 D  
Stock Option (right to buy) $ 22.11 05/31/2006   M(1)     2,000   (3) 06/03/2009 Class C Non-Voting Common Stock 6,000 $ 22.11 4,000 D  
Stock Option (right to buy) $ 26.36 06/01/2006   A(1)   6,000     (4) 06/01/2011 Class C Non-Voting Common Stock 6,000 $ 0 6,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RAINES JOHN DAN JR
246 EAST WASHINGTON STREET
ASHBURN, GA 31714		   X      

Signatures

 John Dan Raines, Jr.   06/02/2006
**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 5,700 shares of Class C Non-Voting Common Stock through (a) the partial exercise of a previously partially exercised stock option acquired by the reporting person in June 2003 pursuant to former Rule 16b-3 and (b) the partial exercise of a previously unexercised stock option acquired by the reporting person in June 2004 pursuant to former Rule 16b-3; and (ii) the sale of 5,700 shares of Class C Stock; and (on Table II) (i) the closing of the June 2003 stock option; (ii) the partial closing of the June 2004 stock option; and (iii) the acquisition of a stock option pursuant to the terms of the Amended and Restated 1997 Incentive Plan of the Federal Agricultural Mortgage Corporation. The exercises of the June 2003 and June 2004 employee stock options are exempt under Section 16(b) under Rule 16b-6, but are reported herein pursuant to Rule 16a-4.
(2) The option was exercisable beginning June 5, 2003 with respect to 2,000 shares, beginning May 31, 2004 with respect to 2,000 shares and beginning May 31, 2005 with respect to 2,000 shares.
(3) The option is exercisable beginning May 31, 2005 with respect to 2,000 shares, beginning May 31, 2006 with respect to 2,000 shares and beginning May 31, 2007 with respect to 2,000 shares.
(4) The option is exercisable beginning May 31, 2007 with respect to 2,000 shares, beginning May 31, 2008 with respect to 2,000 shares and beginning May 31, 2009 with respect to 2,000 shares.

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