SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549

                            FORM 10-Q/A
                          Amendment No. 1

     (Mark One)

     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
         OF THE SECURITIES EXCHANGE ACT OF 1934

     For the quarterly period ended September 30, 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 001-12217

                MISSISSIPPI CHEMICAL CORPORATION

              Organized in the State of Mississippi
                Tax Identification No. 64-0292638

          P. O. Box 388, Yazoo City, Mississippi 39194
     Telephone No. (601) 746-4131     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 the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date.

          Class                              Number of Shares
          --------                           -------------------------
          Common Stock, $0.01 par value                     27,409,755


<PAGE>

                          PART II - OTHER INFORMATION


Item 6.   Exhibits and Reports on Form 8-K.

     (a)  Exhibits.

          SEC Exhibit
          Reference No.  Description

                    Exhibit Index to Form 10-Q

            10.14*  Anhydrous Ammonia Purchase Agreement (AMRO) dated as of
                    October 18, 1996, among Mississippi Chemical Corporation,
                    Farmland Industries, Inc., and Farmland MissChem Limited
                    whereby Mississippi Chemical Corporation and Farmland 
                    Industries, Inc., on an individual basis, will purchase from
                    Farmland MissChem Limited, a portion of the total anhydrous
                    ammonia output produced by its facility located on the
                    island of Trinidad in The Republic of Trinidad and Tobago,
                    which Agreement will be in place during the term of the AMRO
                    permanent financing facility.1

            10.15*  Anhydrous Ammonia Purchase Agreement (EX-IM) dated as of
                    October 18, 1996, among Mississippi Chemical Corporation,
                    Farmland Industries, Inc., and Farmland MissChem Limited
                    whereby Mississippi Chemical Corporation and Farmland
                    Industries, Inc., on an individual basis, will purchase from
                    Farmland MissChem Limited, a portion of the total anhydrous
                    ammonia output produced by its facility located on the
                    island of Trinidad in The Republic of Trinidad and Tobago,
                    which Agreement will be in place during the term of the
                    EximBank permanent financing facility.2

            23*     Consent of Arthur Andersen LLP; filed as Exhibit 23 to the
                    Company's Annual Report on Form 10-K for the fiscal year
                    ended June 30, 1997, SEC File No. 1-12217, and incorporated
                    herein by reference.

            27*     Financial Data Schedule.


     (b)  Reports on Form 8-K.

          None
          
     * Previously filed.
     
[FN]         
     1
       Pursuant to the Securities Exchange Act of 1934, Rule 24b-2, confidential
business information has been deleted from Article 1, Section 1.1,  Definitions,
and from Exhibit A and an application for confidential treatment has been  filed
separately with the Commission.

[FN]
     2
       Pursuant to the Securities Exchange Act of 1934, Rule 24b-2, confidential
business information has been deleted from Article 1, Section 1.1,  Definitions,
and an application for confidential treatment has been filed separately with the
Commission.


<PAGE>

                           SIGNATURES


     Pursuant to the requirements of the Securities and Exchange Act of 1934,

the registrant has duly caused this report to be signed on its behalf by the

undersigned thereunto duly authorized.


                              MISSISSIPPI CHEMICAL CORPORATION


                              /s/ Timothy A. Dawson
                              ------------------------------------------
                             Timothy A. Dawson
                              Vice President-Finance and Chief Financial
                              Officer
                              (Principal Accounting Officer)
                              

Date:  December 5, 1997