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, 1999
                                   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, 1999 there were two holders 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.
                                       2
<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, 1999 and 1998
                         Statements of Income and Expenses, for the Years
                                Ended December 31, 1999, 1998 and 1997
                         Statements of Cash Flows, for the Years Ended
                              December 31, 1999, 1998 and 1997
                         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, 1999 and March 15, 1999.
              Semi-annual Reports to Certificate holders dated September 15,
              1999 and March 15, 1999.

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.

                                       3
<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, 2000.


	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

                                       4
<PAGE>

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



                Exhibit Index


Exhibit
Number          Description of Exhibit

27              Financial Data Schedule.


                                       5
<PAGE>


                      RURAL ELECTRIC COOPERATIVE GRANTOR
                            TRUST (SOYLAND) 1993-B2


             FINANCIAL STATEMENTS AS OF DECEMBER 31, 1999 AND 1998
                        TOGETHER WITH AUDITORS' REPORT

                                       6
<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 (the "Trust")
as of December 31, 1999 and 1998, and the related statements of income and
expenses and cash flows for each of the three years in the period ended
December 31, 1999.  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 audits in accordance with auditing standards generally
accepted in the United States.  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 audits provide 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, 1999 and
1998, and the results its operations and its cash flows for each of the
three years in the period ended December 31, 1999, in conformity with
accounting principles generally accepted in the United States.




Vienna, Virginia
March 17, 2000

                                       7
<PAGE>

          RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
                   STATEMENTS OF ASSETS AND LIABILITIES
                     AS OF DECEMBER 31, 1999 AND 1998




                                     1999                   1998

ASSETS

Interest receivable              $ 1,157,204              $ 1,225,439

Note receivable                   41,550,000               44,000,000

        Total Assets             $42,707,204              $45,225,439





LIABILITIES

Interest payable-Grantor
         Trust Certificates      $ 1,127,563             $ 1,194,050

Servicer fees payable                 29,641                  31,389

Rural Electric Cooperative
 Grantor Trust Certificates       41,550,000              44,000,000

        Total Liabilities        $42,707,204             $45,225,439



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

                                       8
<PAGE>


          RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
                    STATEMENTS OF INCOME AND EXPENSES
             FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997




                                     1999          1998         1997

INCOME:
Interest on note receivable      $3,702,345    $3,770,580    $3,770,580

EXPENSES:
  Interest on grantor
         trust certificates       3,607,513     3,674,000     3,674,000
  Servicer fees                      94,832        96,580        96,580

        Total Expenses            3,702,345     3,770,580     3,770,580

        Net Income               $       -     $       -     $        -


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

                                       9
<PAGE>

          RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B2
                        STATEMENTS OF CASH FLOWS
            FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997


                                       1999          1998            1997

CASH FLOWS
   FROM OPERATING ACTIVITIES:

  Principal received on
           note receivable          $2,450,000     $        -    $         -
  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)
  Principal paid to
           Certificate holders      (2,450,000)             -              -
  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:
     Decrease in interest
           receivable                   68,235              -              -
     Increase in interest
           payable                     (66,487)             -              -
     Decrease in servicer
           fees payable                 (1,748)             -              -

       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.

                                      10
<PAGE>


          RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B
                        NOTES TO FINANCIAL STATEMENTS
                      AS OF DECEMBER 31, 1999 AND 1998


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
        Bank One, formerly 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 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.

        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.

                                      11
<PAGE>

        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 certificate holder
        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 certificate holder'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
        payments over the next five years and thereafter are as follows:


                                2000         $  2,680,000
                                2001            2,930,000
                                2002            3,210,000
                                2003            3,510,000
                                2004            3,840,000
                                Thereafter     25,380,000

                                Total         $41,550,000

        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 certificate
        holder 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 occurs over the life of the loan.

                                      12
<PAGE>

4.      FAIR VALUE OF FINANCIAL INSTRUMENTS

        Use of Estimates

        The preparation of financial statements in conformity with
        accounting principles generally accepted in the United States
        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 Statement of Financial
        Accounting Standards 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, 1999 and 1998, 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, 1999 and 1998.

        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, 1999 and 1998 are as follows:

<TABLE>
<CAPTION>

                                           1999                         1998
                                  Carrying         Fair        Carrying          Fair
                                    Value          Value         Value          Value

<S>                              <C>            <C>             <C>            <C>
Assets:
Interest receivable               $ 1,157,204    $ 1,157,204    $ 1,225,439      1,225,439
Note receivable                    41,550,000     45,097,469     44,000,000     53,939,930

Liabilities:
Interest payable - Grantor
     Trust Certificates             1,127,563      1,127,563      1,194,050      1,194,050
Servicer fees payable                  29,641         29,641         31,389         31,389
Rural Electric Cooperative
     Grantor Trust Certificates    41,550,000     45,133,744     44,000,000     54,050,506

</TABLE>

                                      13
<PAGE>