PROSPECTUS and                  PRICING SUPPLEMENT NO. 1
PROSPECTUS SUPPLEMENT, each          effective at 4:00 pm ET
Dated August 6, 1993                 Dated March 29, 1994
                           Commission File No.: 33-66082
                           Filed pursuant to Rule 424(b)(3)


U.S. $622,350,000
      JOHN DEERE CAPITAL COR              PORATION

                             MEDIUM-TERM NOTES, SER               IES B
due from 9 Months to 3     0 Years from Date of Issue
(Floating Rate Notes)                   

                             Original Issue Date:                15 April 1994

Maturity Date:                            15 April 1998

Issue Price:                              100%

Issue Size:                          $10,000,000

Proceeds to Issuer:                       $10,000,000*

Floating Rate Basis:                      Constant Maturity
                                Treasury (CMT) as
                                defined below

Index Maturity:                           5 years

Interest Rate Formula:                         (0.5 x CMT) + 2.30%

Spread Multiplier:                           ------

Initial Interest Rate:                         (0.5 x CMT) + 2.30% for         
                                															March 31, 1994

Maximum Interest Rate:                         ------

Minimum Interest Rate:                         5.25%

Day Count Convention:                     Actual/Actual

Calculation:                    Intermediate calculations rounded to five (5)
                      decimal places.  Final coupon calculations
                      rounded to three (3) decimal places.

Calculation Agent:                        Salomon Brothers Inc

Treasury Rate Determination Agent:             Salomon Brothers Inc

Interest Payment Dates: Interest will be payable in U.S. dollars on 15 Jul 94,
																							 17 Oct 94, 17 Jan 95, 17 Apr 95, 17 Jul 95, 16 Oct 95,
																							 16 Jan 96, 15 Apr 96, 15 Jul 96, 15 Oct 96, 15 Jan 97, 
																								15 Apr 97, 15 Jul 97, 15 Oct 97, 15 Jan 98, and on the
							                 Maturity Date.

Interest Determination Date: The Interest Determination Date pertaining to an
																												 Interest Reset Date shall be the day that is ten 
																													Business Days preceding such Interest Reset Date.  

Interest Reset Dates:      Quarterly on the 15th of January, April, July, and
                 October, commencing on Settlement.

Redemption Provisions:          None.

Constant Maturity Treasury (CMT)     

The  Constant Maturity Treasury Rate  shall be the rate that is set forth in the
Federal Reserve Board publication H.15(519) opposite the caption  U.S. 
Government Securities/Treasury Constant Maturities  in the Index Maturity with 
respect to the applicable Treasury Rate Interest Determination Date (as defined
elsewhere).  If the H.15(519) is not available, the  Constant Maturity Treasury
Rate  shall be the rate that was set forth on Telerate Page 7055, or its 
successor page (as determined by the Treasury Rate Determination Agent), on 
the applicable Treasury Rate Determination Date opposite applicable Index 
Maturity.  If no such rate is set forth, then the Constant Maturity Treasury
Rate for such Interest Reset Date shall be established by the Treasury Rate 
Determination Agent as follows.  The Treasury Rate Determination Agent will 
contact the Federal Reserve Board and request the Constant Maturity Treasury 
Rate, in the applicable Index Maturity, for the Interest Reset Date.  If the 
Federal Reserve Board does not provide such information, then the Constant 
Maturity Treasury Rate for such Interest Reset Date will be the arithmetic mean
of quotations reported by three leading U.S. government securities dealers 
(one of which may be the Treasury Rate Determination Agent), according to 
their written records, with reference to the 3:00 p.m. (New York time) on 
the Treasury Rate Determination Date closing bid-side yield quotations for 
the noncallable U.S. Treasury Note that is nearest in maturity to the Index 
Maturity, but not less than exactly the Index Maturity and for the 
noncallable U.S. Treasury Note that is nearest in maturity to the Index
Maturity, but not more than exactly the Index Maturity.  The Treasury Rate 
Determination Agent shall calculate the Constant Maturity Treasury Rate by 
interpolating to the Index Maturity based on an Actual/Actual day count 
basis, the yield on the two Treasury Notes selected.  If the Treasury Rate 
Determination Agent cannot obtain three such adjusted quotations, the 
Constant Maturity Treasury Rate for such Interest Reset Date will be the 
arithmetic mean of all such quotations, or if only one such quotation is 
obtained, such quotation, obtained by the Treasury Rate Determination Agent.  
In all events, the Treasury Rate Determination Agent shall continue polling 
dealers until at least one adjusted yield quotation can be determined.

*With respect to the above referenced note, the Agent has received 
compensation in connection with the arranging of transactions related to 
the note.