SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549
                           ____________________

                               FORM 10-K

x              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                    THE SECURITIES EXCHANGE ACT OF 1934
                For the fiscal year ended December 31, 1998
                                  OR
           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                    THE SECURITIES EXCHANGE ACT OF 1934
                   For the transition period from     to
                      Commission File Number 33-79328
                            _________________

        RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
          (Exact name of registrant as specified in its charter)

                                  NEW YORK
	(State or other jurisdiction of incorporation or organization)

                                36-7051620 
                   (I.R.S. Employer Identification Number)

                2201 Cooperative Way, Herndon, VA 20171-3025
                 (Address of principal executive offices)
     (Registrant's telephone number, including area code, is 703-709-6700)

                            ___________________

	Securities Registered pursuant to Section 12(b) of the Act:  None.

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

                             Yes   X      No       

The Registrant has no common or voting stock.

                    DOCUMENTS INCORPORATED BY REFERENCE:

None.

<PAGE>

Part I

Item 3.  Legal Proceedings

         None.


Item 4.  Submission of Matters to a Vote of Security Holders

         None.


Part II

Item 5.  Market for the Registrant's Common Equity and Related
         Stockholder Matters

         a)   There is no established trading market for the certificates
              representing ownership of the beneficial interest in the Trust.

         b)   As of December 31, 1998 there was one holder of certificates
              representing ownership of the beneficial interest in the Trust.

Item 8.  Financial Statements and Supplementary Data

         See attached audited financial statements.

Item 9.  Disagreements on Accounting and Financial Disclosure

         None.


Part III

Item 13. Certain Relationships and Related Transactions

         None.

<PAGE>

Part IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

         a)   The following documents are filed as part of this report:

			1.	Financial Statements
				Report of Independent Public Accountants
				Statements of Assets and Liabilities as of
					December 31, 1998 and 1997
				Statements of Income and Expenses, for the
                                        Years Ended December 31, 1998, 1997
                                        and 1996
				Statements of Cash Flows, for the Years Ended 
					December 31, 1998, 1997 and 1996
				Notes to Financial Statements

			2.	Financial Statement Schedules are omitted
                                because they are inapplicable.

			3.	Exhibits

				Exhibit
                                Number         Description of Exhibit

                                 4.1           Form of Trust Agreement,
                                               including the form of Rural
                                               Electric Cooperative Grantor
                                               Trust Certificate (incorporated
                                               by reference to Exhibit 4.1 to
                                               Registration Statement on form
                                               S-1 [No. 33-79328].)

                                10.1           Loan Agreement (incorporated by
                                               reference to Exhibit 10.1 to
                                               Registration Statement on Form
                                               S-1 [No. 33-79328].)

                                10.2            Loan Guarantee and Servicing
                                                Agreement (incorporated by
                                                reference to Exhibit 10.2 to
                                                Registration Statement on Form
                                                S-1 [No. 33-79328].)

                                27              Financial Data Schedule.

         b)   Forms 8-K dated September 15, 1998 and March 15, 1998.
              Semi-annual Reports to Certificate holders dated September 15,
              1998 and March 15, 1998.

Supplemental information to be furnished with reports filed pursuant to
Section 15(d) of the Act by Registrants which have not registered securities
pursuant to Section 12 of the Act.

	No annual report, proxy statement, form of proxy or other proxy
        soliciting material has been sent to Certificate holders, and the
        Registrant does not presently contemplate sending any such material
        subsequent to the filing of this report.

        Pursuant to the requirements of Section 13 or 15(d) of the Securities
        Act of 1934, the Registrant has duly caused this report to be signed
        on its behalf by the undersigned, thereunto duly authorized, in the
        County of Fairfax, Commonwealth of Virginia on the 31st day of March,
        1999.


        RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993 B-2

                        By:     NATIONAL RURAL UTILITIES COOPERATIVE
				FINANCE CORPORATION as Servicer

                                By:  /s/  Sheldon C. Petersen, Governor and
                                          Chief Executive Officer



<PAGE>                         

        RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993 B-2



                              Exhibit Index


Exhibit
Number                          Description of Exhibit

27				Financial Data Schedules.

<PAGE>



                      RURAL ELECTRIC COOPERATIVE GRANTOR
                           TRUST (SOYLAND) 1993-B2


           FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997
         AND FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
                         TOGETHER WITH AUDITORS' REPORT
<PAGE>

                     Report of Independent Public Accountants



To the Trustee of
Rural Electric Cooperative Grantor Trust
	(Soyland) 1993-B2, and

To the Board of Directors of 
National Rural Utilities Cooperative
	Finance Corporation


We have audited the accompanying statements of assets and liabilities of
Rural Electric Cooperative Grantor Trust (Soyland) 1993-B2 as of December 31,
1998 and 1997, and the related statements of income and expenses and cash
flows for each of the three years in the period ended December 31, 1998.
These financial statements are the responsibility of the Trust's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.

We conducted our audit in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
 An audit also includes assessing the accounting principles used and
 significant estimates made by management, as well as evaluating the overall
 financial statement presentation.  We believe that our audit provides a
 reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Rural Electric Cooperative
Grantor Trust (Soyland) 1993-B2 as of December 31, 1998 and 1997, and the
results its operations and its cash flows for each of the three years in
the period ended December 31, 1998, 1997 and 1996, in conformity with
generally accepted accounting principles.




March 19, 1999
Washington, D. C.

<PAGE>

         RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
                   STATEMENTS OF ASSETS AND LIABILITIES
                     AS OF DECEMBER 31, 1998 AND 1997



                                      1998                   1997				
ASSETS

Interest receivable             $   1,225,439            $   1,225,439

Note receivable                    44,000,000               44,000,000

        Total Assets            $  45,225,439            $  45,225,439


LIABILITIES

Interest payable-Grantor        $   1,194,050             $  1,194,050
 Trust Certificates

Servicer fees payable                  31,389                   31,389

Rural Electric Cooperative
 Grantor Trust Certificates        44,000,000               44,000,000

        Total Liabilities       $  45,225,439             $ 45,225,439



The accompanying notes are an integral part of these financial statements.

<PAGE>

         RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
                    STATEMENTS OF INCOME AND EXPENSES
             FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996



                                     1998          1997           1996
INCOME:

  Interest on note receivable   $ 3,770,580    $ 3,770,580    $ 3,770,580

EXPENSES:

  Interest on grantor
        trust certificates        3,674,000      3,674,000      3,674,000
  Servicer fees                      96,580         96,580         96,580

        Total expenses            3,770,580      3,770,580      3,770,580

        Net income              $         -     $        -     $        -


The accompanying notes are an integral part of these financial statements.

<PAGE>

         RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
                         STATEMENTS OF CASH FLOWS
            FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996


                                     1998          1997           1996

CASH FLOWS
   FROM OPERATING ACTIVITIES:

  Interest received on
    note receivable             $ 3,770,580    $ 3,770,580    $ 3,770,580
  Interest paid to
    certificate holders          (3,674,000)    (3,674,000)    (3,674,000)
  Fees paid to servicer             (96,580)       (96,580)       (96,580)

  Net cash provided
    by operating activities               -              -              -

NET CHANGE IN CASH                        -              -              -

CASH, beginning of year                   -              -              -

CASH, end of year               $         -    $         -    $         -

ACCRUAL TO CASH BASIS 
  RECONCILIATION:
  Accrual basis income          $         -    $         -    $         -
  Change in accrual accounts:		
     Increase in interest
        receivable                        -              -              -
     Increase in interest
        payable                           -              -              -
     Increase in servicer
        fees payable                      -              -              -

       Total change in
          accrual accounts                -              -              -

Net cash provided
  by operating activities       $         -    $         -    $         -

SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION:

  Cash paid during the year for 	
   interest expense             $ 3,674,000    $ 3,674,000    $ 3,674,000


The accompanying notes are an integral part of these financial statements.

<PAGE>


         RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2

                       NOTES TO FINANCIAL STATEMENTS

                  AS OF DECEMBER 31, 1998, 1997 AND 1996


1.      ORGANIZATION AND OPERATIONS

Rural Electric Cooperative Grantor Trust (Soyland) 1993-B2 (the "Trust") was
formed under a Trust Agreement dated October 1, 1993 among National Rural
Utilities Cooperative Finance Corporation ("CFC"), Soyland Power Cooperative,
Inc. (the "Cooperative") and The First National Bank of Chicago (the
"Trustee").   On that date,  CFC made a loan to the Cooperative which issued
a note (the "Note"), evidencing the borrowing, to the Trust.  The Trust issued
to CFC, Rural Electric Cooperative Grantor Trust (Soyland) 8.35% Certificates,
due 2009 (the "Certificates") in the amount of $44,000,000.  The Certificates
are solely the obligations of the Trust and are not insured or guaranteed by
CFC, the Cooperative, the Trustee, the Rural Utilities Service ("RUS")  of
the United States Department of Agriculture ("USDA") nor any other
governmental agency.  Each Certificate represents an undivided fractional
interest in the Trust.  CFC is the depositor of the Trust and acts as servicer
of the Note.  CFC filed, on behalf of the Trust, a Registration Statement on
Form S-1 (Registration No. 33-79328) which became effective on May 24, 1994,
and resold the Certificates thereunder.  The offering of the Certificates
occurred on October 6, 1994.

The assets of the Trust consist primarily of the Note, bearing interest at
8.43% and maturing 2009, which is guaranteed (the "Guarantee") as to timely
payment of principal and interest by the United States of America, acting
through the Administrator of RUS.  The amounts of principal and interest
payments on the Note held by the Trust are sufficient to cover the scheduled
principal and interest payments on the Certificates issued by the Trust and
the scheduled amounts of servicer fees.  The General Counsel of the USDA has
issued an opinion that the Guarantee is supported by the full faith and
credit of the United States of America.

The Trust also receives a conversion fee of .1395% from Soyland.  This fee
was derived when the note receivable from Soyland was converted from a
variable to a fixed interest rate.  The fee is paid over the term of the
note as a yield adjustment.  The conversion fee is passed through to the
servicer.

Debt service and servicer fee payments on the Note are made to the Trustee
semi-annually (March 4 and September 4) by the Cooperative.  The Trustee
deposits all such receipts in the Trust account.  The Trustee is authorized
by the Trust Agreement to invest all funds in the Trust account at the
direction of CFC in certain eligible investments that mature no later than
the business day next preceding the day (March 15 and September 15) such
amounts are to be distributed to the certificate holders and the servicer.
The interest earned on the investments is distributed to the Cooperative.
Any funds that are not so invested must be held by the Trustee in the Trust
account.  The Trustee may not reinvest any returns of principal or investment
earnings on eligible investments and the Trustee may not sell any eligible
investment prior to its maturity except, at the direction of CFC,  to preserve
the value of the corpus of the Trust.
<PAGE>
On or before five business days after each date on which payments are made on
the Certificates, the Trustee is obligated to supply the holders of such
Certificates a report provided by the servicer, which includes certain
pertinent information as to how the payment is to be allocated to principal,
interest, servicer fees and premium, if any, as well as the principal balance
outstanding after such payment.
	
The fiscal year of the Trust is the calendar year.  Within the prescribed
period of time for tax reporting purposes, after the end of each calendar
year during the term of the Trust Agreement, the Trustee is obligated to
prepare and mail to each certificateholder of record for the Trust, at any
time during such year, a report setting forth the information as is reasonably
necessary for the preparation of such certificateholder's Federal income tax
return.

Payments of principal on the Certificates are scheduled to be repaid over a
period of eleven years, beginning in 1999.  The principal payment over the
next five years and thereafter are as follows:

         1999                   $   2,450,000
         2000                       2,680,000
         2001                       2,930,000
         2002                       3,210,000
         2003                       3,510,000
         Thereafter                29,220,000
	
         Total                  $  44,000,000

The Certificates are not subject to redemption prior to September 15, 2003.
Thereafter, such Certificates are subject to optional redemption, in whole
and without premium, upon redemption or purchase of the related Note.  The
Trust Agreement will terminate after payment in full has been made on the
Certificates issued thereunder.

2.	TAX STATUS OF THE TRUST

Milbank, Tweed, Hadley & McCloy, Counsel to CFC, has advised CFC with respect
to the Trust that, in its opinion, (i) the Trust will not be classified as an
association taxable as a corporation, but will be classified as a grantor
trust and (ii) each certificateholder will be treated for Federal income tax
purposes as the owner of an undivided fractional interest in each of the
assets held by the Trust.

It is expected that the Trust will not have any liability for Federal or
state income taxes for the current or future years.

<PAGE>
3.	INTEREST AND SERVICER FEE ACCOUNTING

The Trust records interest income as it is earned and accrues interest
expense and servicer fees as they are incurred.  Servicer fees represent
eight basis points of the outstanding principal balance of the Certificates
and the Note and recognition of conversion fees over the life of the loan.


4.	FAIR VALUE OF FINANCIAL INSTRUMENTS

Use Of Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of expenses during the reported
period.  The estimates involve judgments with respect to, among other things,
various future factors which are difficult to predict and are beyond the
control of the Trust.  With regards to the fair values below, actual amounts
could differ from these estimates.

The following disclosure of the estimated fair value of financial instruments
is made in accordance with FASB Statement No. 107, "Disclosure about Fair
Value of Financial Instruments."  Whenever possible, the estimated fair value
amounts have been determined using quoted market information as of December
31, 1998 and 1997, along with other valuation methodologies which are
summarized below.  Below is a summary of significant methodologies used in
estimating fair value amounts and a schedule of fair values at December 31,
1998 and 1997.

The carrying amounts reported for interest receivable, interest payable,
and Servicer fees payable approximate fair values due to the short-term
maturity of these instruments.
<PAGE>

Note Receivable

Fair value is estimated by discounting the future cash flows using the current
rates at which similar loans would be made to borrowers with similar credit
ratings and for the same remaining maturities.

Rural Electric Cooperative Grantor Trust Certificates

The fair value of the Certificates is estimated using quoted market prices
for similar notes over the same remaining maturities.

The carrying and estimated fair values of the Trust's financial instruments
as of December 31, 1998 and 1997 are as follows:


<TABLE>
<CAPTION>
                                           1998                                1997
                                 Carrying           Fair             Carrying          Fair
                                   Value            Value              Value          Value

<S>                           <C>              <C>               <C>              <C>
Assets:
Interest receivable            $  1,225,439     $   1,225,439     $  1,225,439     $  1,225,439
Note receivable                $ 44,000,000     $  53,939,930     $ 44,000,000     $ 51,316,708 
	
Liabilities:
Interest payable - Grantor 
  Trust Certificates           $  1,194,050     $   1,194,050     $  1,194,050     $  1,194,050
Servicer fees payable                31,389            31,389           31,389           31,389
Rural Electric Cooperative
  Grantor Trust Certificates   $ 44,000,000     $  54,050,506     $ 44,000,000     $ 51,401,795

</TABLE>