<PAGE>
            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, 1997

                            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

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 Regulation S-K is not contained herein, and will not be contained
to the best of the registrant's knowledge in definitive proxy or
information statements incorporated by reference in Part
IV or this Form 10-K or any amendment to this Form 10-K.

                           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.


<PAGE>
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 March 31, 1998 there was one record 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, 1997 and 1996
                                Statements of Income and Expenses, for the
                                  Years Ended December 31, 1997, 1996 and 1995
				Statements of Cash Flows, for the Years Ended
                                  December 31, 1997, 1996 and 1995
				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)	Form 8-K dated September 15, 1997.
			Semi-annual Report to Certificateholders
                        dated September 15, 1997.

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 Certificateholders, and the
Registrant does not presently contemplate sending any such material
subsequent to the filing of this report.

<PAGE>
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, 1998.

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

			By:	NATIONAL RURAL UTILITIES COOPERATIVE
				FINANCE CORPORATION as Servicer

By:     /s/ Sheldon C. Petersen
					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

 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 Schedules


<PAGE>

                 RURAL ELECTRIC COOPERATIVE GRANTOR
                       TRUST (SOYLAND) 1993-B2


	FINANCIAL STATEMENTS AS OF DECEMBER 31, 1997 AND 1996
      AND FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
                  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, 1997 and 1996, and the related statements of income and expenses and
cash flows for each of the three years in the period ended December 31, 1997.
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, 1997 and 1996, and the
results its operations and its cash flows for each of the three years in the
period ended December 31, 1997, 1996 and 1995, in conformity with generally
accepted accounting principles.













/S/ ARTHUR ANDERSEN LLP
March 6, 1998
Washington, D. C.



<PAGE>

        RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
                   STATEMENTS OF ASSETS AND LIABILITIES
                     AS OF DECEMBER 31, 1997 AND 1996




                                     1997            1996

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 Trust                $  1,194,050    $  1,194,050
   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, 1997, 1996 AND 1995




                                   1997            1996           1995

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, 1997, 1996 AND 1995


                                           1997         1996         1995

CASH FLOWS
   FROM OPERATING ACTIVITIES:

  Interest received on note receivable  $3,770,580   $3,770,580   $3,770,580
  Interest paid to certificateholders   (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             -            -     (337,028)
     Increase in interest payable                -            -      328,395
     Increase in servicer fees payable           -            -        8,633

       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   $3,347,422



               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, 1997, 1996 AND 1995


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 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 eleven years, beginning in 1999.  The principal payment over
the next five years and thereafter are as follows:


         1998                             $         0
         1999                               2,450,000
         2000                               2,680,000
         2001                               2,930,000
         2002                               3,210,000
         Thereafter                        32,730,000

                 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.


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.

<PAGE>
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, 1997 and 1996, 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, 1997 and 1996.

The carrying amounts reported for Interest receivable, Interest payable -
Grantor Trust Certificates, 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, 1997 and 1996 are as follows:


                                       1997                  1996
                               Carrying     Fair       Carrying       Fair
                                 Value      Value        Value        Value

Assets:
Interest receivable         $  1,225,439 $ 1,225,439 $ 1,225,439 $ 1,225,439
Note receivable               44,000,000  51,316,708  44,000,000  50,258,150

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  51,401,795  44,000,000  50,335,389