The price and quality characteristics of 213 shiploads of US soybeans exported between January 1990 and October 1991 are examined using hedonic analysis. The results of the analysis confirm that the price of soybeans exported is determined in part by the protein and oil content of the soybeans. The analysis further reveals the effects of country-specific domestic and import strategies on component pricing of soybeans. For example, in Japan and The Netherlands, the two largest import destinations for US exported soybeans, the value of both soybean oil and soybean meal have positive effects on the price of soybeans. For the Republic of Korea, however, the soybean meal content does not affect the price of soybeans imported from the US. Measures of the processable content of soybeans such as damaged kernels and the percentage of foreign material, as expected, have statistically significant negative effects on the export price of soybeans, although not in all markets. Finally, the US grades and standards given to soybeans are not statistically significant in explaining the export price of soybeans.