<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-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

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.

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	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.


	RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993 B-1

			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-1



                           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 Schedule

<PAGE>

              RURAL ELECTRIC COOPERATIVE GRANTOR
                    TRUST (SOYLAND) 1993-B1


	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-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,
1997 and 1996, and the related statements of income and expenses and cash
flows for each of the three years 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 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, 1997 and 1996,
and the results of 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-B1
                 STATEMENTS OF ASSETS AND LIABILITIES
                   AS OF DECEMBER 31, 1997 AND 1996




                              1997                    1996

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	$   1,399,717 	$   1,399,717
     Certificates

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, 1997, 1996 AND 1995




                                    1997        1996        1995

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, 1997, 1996 AND 1995


                                            1997        1996        1995

CASH FLOWS
   FROM OPERATING ACTIVITIES:


  Interest received on note receivable  $4,411,985   $4,411,985  $4,411,985
  Interest paid to certificateholders   (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             -            -    (394,359)
     Increase in interest payable                -            -     384,959
     Increase in servicer fees payable           -            -       9,400

       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  $3,923,994
  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, 1997, 1996 AND 1995


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 occured 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 terrm 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.


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.

<PAGE>
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       $    1,433,895 $ 1,433,895 $ 1,433,895 $ 1,433,895
Note receivable               49,675,000  61,549,039  49,675,000  58,735,812

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  61,754,773  49,675,000  58,894,984