SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Kenny Timothy F

(Last)

(First)

(Middle)

10923 SHALLOW CREEK DRIVE

(Street)

GREAT FALLS

22066-1560

(City)

(State)

(Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
06/13/2007

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class C Non-Voting Common Stock	06/13/2007		M⁽¹⁾		6,000	A	$22.11	7,477	D
Class C Non-Voting Common Stock	06/13/2007		M⁽¹⁾		2,000	A	$20.61	9,477	D
Class C Non-Voting Common Stock	06/13/2007		S⁽¹⁾⁽²⁾		8,000	D	$30	1,477	D
Class C Non-Voting Common Stock	06/14/2007		M⁽¹⁾		2,000	A	$20.61	3,477	D
Class C Non-Voting Common Stock	06/14/2007		S⁽¹⁾⁽²⁾		2,000	D	$31	1,477	D

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$22.11	06/13/2007		M⁽¹⁾		6,000		05/31/2007	06/03/2009	Class C Non-Voting Common Stock	6,000	$22.11	0	D
Employee Stock Option (right to buy)	$20.61	06/13/2007		M⁽¹⁾		2,000		⁽³⁾	06/16/2010	Class C Non-Voting Common Stock	6,000	$20.61	4,000	D
Employee Stock Option (right to buy)	$20.61	06/14/2007		M⁽¹⁾		2,000		⁽³⁾	06/16/2010	Class C Non-Voting Common Stock	6,000	$20.61	2,000	D

Explanation of Responses:

1. This report reflects (on Table I) (i) the acquisition of 6,000 shares of Class C Non-Voting Common Stock through the exercise of a previously unexercised employee stock option acquired in June 2004; (ii) the acquisition of 4,000 shares of Class C Stock through two partial exercises of a previously unexercised employee stock option acquired in June 2005; and (iii) the sale of 10,000 shares of Class C Stock in two separate transactions; and (on Table II) the closing of the June 2004 employee stock option and the partial closing of the June 2005 employee stock option. The exercises of the June 2004 and June 2005 employee stock options are exempt under Section 16(b) under Rule 16b-6, but are reported herein pursuant to Rule 16a-4.

2. Transaction pursuant to plan under Rule 10b5-1.

3. The option is exercisable commencing May 31, 2006 with respect to 2,000 shares, commencing May 31, 2007 with respect to 2,000 shares and commencing May 31, 2008 with respect to 2,000 shares.

Remarks:

	/s/ Stephen P. Mullery as attorney-in-fact for Timothy F. Kenny	06/15/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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