This article looks to determine if the boom in the international price of soy since the end of the 90s has resulted in a structural change in Argentina and Brazil, performing hypothesis tests with some of the indicators proposed by eclac. The work is oriented by the question of if the exchange terms have changed for these countries, or if we are facing a kind of «soybean gatopardism» behind the renewed industrial discourses. In response, a series of indicators will be revised, which – while not being definitive – allow for conclusions to be reached about the models in force.