This paper analyzes exchange rate, export quantity and foreign soybean price in soybean export revenues between 1994 and 2005. We used the shift-share method which allowed the isolation of effects for each variable. The results evidenced that even with adverse exchange rates and foreign prices the quantities exported were increasing in almost all the period. The two main trade policies in act by the Brazilian Government, since the beginning of the Real Plan in 1994, were clearly decisive for the increase in soybean export revenues and exported quantities.