The integration of grazing cover crops in combination with soybean [Glycine max (L.) Merr.] production has the potential to increase total farm revenue. The objectives of this research were to determine the effect grazing had on subsequent soybean production and the economic implications of this practice. A field trial was conducted at the Coastal Plain Branch Experiment Station (CPBES) in Newton, MS, and the Prairie Research Unit (PRU) in Prairie, MS, from 2021 to 2023 to compare three cropping systems on two distinct soil types. Cropping systems included: conventional soybean (CS); no‐till soybean + cereal rye (Secale cereale L.) cover crop (CC); and no‐till soybean + grazed cereal rye cover crop (GC). Treatments were applied in a randomized complete block design with three replications at each location. Analysis was separated by location. Cover crop, soybean production, animal performance, and economic analysis were evaluated for each treatment. Soybean grain yield varied by treatment; GC (54.6 bu acre−1) was greater than CS (52.3 bu acre−1) at CPBES. At PRU, CS (68.5 bu acre−1) had greater soybean yield than all other treatments. Cover crop forage mass (FM) was 5077 lb acre−1 at CPBES, compared to 3094 lb acre−1 at PRU, resulting in subsequent cattle revenue of $593.64 and $160.29 acre−1 for CPBES and PRU, respectively. Soybean revenue was greatest for GC at CPBES ($691.78 acre−1) and CS at PRU ($867.89 acre−1). Net returns above production costs were greatest for GC at CPBES ($811.59 acre−1) and CS at PRU ($528.58 acre−1). Findings suggest grazing cereal rye cover crop has the potential to increase net returns in a no‐till soybean system on coarse textured soils, but reduces soybean grain yield on heavy, poorly drained sites.