A soybean seed is provided which exhibits an extremely high level of palmitic acid within the vegetable oil component of the seed. The soybean seed is designated AX7017-1-3 and bears ATCC Accession No. 97967. Palmitic acid is present in the endogenously formed vegetable oil in a concentration of at least 18 percent by weight (preferably at least 20 percent by weight) based upon the total fatty acid content as determined by gas chromatography. Descendants which exhibit a comparable palmitic acid content within the vegetable of the present invention are included within the concept of the present invention. A soybean plant also is provided upon the germination of the soybean seed. Such soybean plant commonly is capable of yielding comparable soybean seeds in a subsequent generation following self-pollination. The soybean seed preferably is provided within an assemblage of like seeds. A high level of stearic acid of at least 18 percent by weight (preferably at least 20 percent by weight) also can be present in the endogenously formed vegetable oil.