A novel soybean seed and plant designated AX7777-7-30 having ATCC Accession No. 97616 and its descendents are provided. Such soybean seed contains an endogenous linolenic acid (C18:3) content in the vegetable oil at a low level of less than about 3 percent by weight (preferably less than about 2.5 percent) in combination with a reduced endogenous palmitic acid (C16:0) content of less than about 5 percent by weight (preferably less than about 4.5 percent) based upon the total fatty acid content. The soybean seed is capable upon germination of producing a plant that likewise forms seeds having an endogenous linolenic acid content in the vegetable oil of less than about 3.0 percent by weight (preferably less than about 2.5 percent) in combination with a reduced endogenous palmitic acid (C16:0) content of less than about 5 percent by weight (preferably less than about 4.5 percent) based upon the total fatty acid content. The linolenic acid and palmitic acid contents of the endogenously formed vegetable oil obtained from mature soybeans are determined by gas chromatography (as described).