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-B1
          (Exact name of registrant as specified in its charter)

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

                                36-7051619 
                   (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.
<PAGE>
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-1

                        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-1



                              Exhibit Index


Exhibit
Number                          Description of Exhibit

27				Financial Data Schedules.

<PAGE>

                       RURAL ELECTRIC COOPERATIVE GRANTOR
                            TRUST (SOYLAND) 1993-B1


             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-B1, 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-B1 as of December 31,
1998 and 1997, and the related statements of income and expenses and cash
flows for each of the three years 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 audits.

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-B1 as of December 31, 1998 and 1997,
and the results of 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-B1
                   STATEMENTS OF ASSETS AND LIABILITIES
                      AS OF DECEMBER 31, 1998 AND 1997


                                1998                    1997				
ASSETS

Interest receivable             $   1,433,895     $   1,433,895

Note receivable                    49,675,000        49,675,000

        Total Assets            $  51,108,895     $  51,108,895


LIABILITIES

Interest payable-Grantor
   Trust Certificates           $   1,399,717     $   1,399,717
        
                                
Servicer fees payable                  34,178            34,178

Rural Electric Cooperative
   Grantor Trust Certificates      49,675,000        49,675,000

        Total Liabilities       $  51,108,895     $  51,108,895


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

<PAGE>

         RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B1
                     STATEMENTS OF INCOME AND EXPENSES
           FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996



                                    1998            1997            1996
INCOME:

  Interest on
      note receivable           $  4,411,985    $  4,411,985    $  4,411,985

EXPENSES:

  Interest on grantor
      trust certificates           4,306,823       4,306,823       4,306,823
  Servicer fees                      105,162         105,162         105,162

        Total expenses             4,411,985       4,411,985       4,411,985

        Net income              $          -    $          -    $          -


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

<PAGE>

         RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B1
                         STATEMENTS OF CASH FLOWS
                   AS OF DECEMBER 31, 1998, 1997 AND 1996


                                    1998            1997            1996

CASH FLOWS
   FROM OPERATING ACTIVITIES:

  Interest received on
      note receivable           $  4,411,985    $  4,411,985    $  4,411,985
  Interest paid to
      certificate holders         (4,306,823)     (4,306,823)     (4,306,823)
  Fees paid to servicer             (105,162)       (105,162)       (105,162)

   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     $  4,306,823    $  4,306,823    $  4,306,823 
    for interest expense

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

<PAGE>

         RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B1

                      NOTES TO FINANCIAL STATEMENTS

                 AS OF DECEMBER 31, 1998, 1997 AND 1996


1.	ORGANIZATION AND OPERATIONS

	Rural Electric Cooperative Grantor Trust (Soyland) 1993-B1 (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) 8.67% Certificates,
        due 2018 (the "Certificates") in the amount of $49,675,000.  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 8.75% and maturing 2018, 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 .1317% 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 certificateholders 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 nine years, beginning in 2010.  The principal
        payment  in 2010 is scheduled to be $6,600,000.  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.

        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            $  1,433,895     $   1,433,895     $  1,433,895     $  1,433,895
Note receivable                $ 49,675,000     $  63,404,964     $ 49,675,000     $ 61,549,039
	
Liabilities:
Interest payable - Grantor 
  Trust Certificates           $  1,399,717     $   1,399,717     $  1,399,717     $  1,399,717
Servicer fees payable                34,178            34,178           34,178           34,178
Rural Electric Cooperative
  Grantor Trust Certificates   $ 49,675,000     $  63,638,867     $ 49,675,000     $ 61,754,773

</TABLE>
<PAGE>