The purpose of this study was to isolate and measure the effects of factors associated with variation in content of oil and protein of soybeans grown in North Carolina. Factors considered included varieties, lime and fertilizer applications, planting dates, soil conditions, seed treatments, herbicide application, and cultural practices. Data from 33 experiments on co-operator farms in Eastern and Piedmont counties were used in the analysis. Replications were pooled and ordinary least squares regression techniques were used to estimate the relationships between explanatory variables representing these factors and average oil and protein content of the beans. The study indicated that soil characteristics, varieties and cultural practices do have an effect on the oil and protein content of soybeans. It was found that two tons of lime per acre increased protein content on the average of 5 percent, decreased oil content by 3.5 percent and increased yields by 7 bushels. A number of factors such as seeding rate, seed size, row width, and herbicide treatment were found not to be associated with oil and protein content.