The goal of this research was to test the effect of low-moisture-content veneer on the strength and durability of plywood test specimens constructed with a soy-flour adhesive. Soy-flour adhesive systems offer certain environmental and health advantages but research studies and performance data are lacking currently for a variety of wood types and end uses. Soyad adhesive was used in this study due to its natural, renewable soy flour, a novel cross-linking resin, and lack of added formaldehyde. Test specimens were prepared using heartwood of hickory and red oak and sapwood of hickory. These wood types were used to represent some of the most challenging wood adhesion conditions. Analytical tests included determination of select chemical properties of the adhesive and wood veneer, measurement of strength properties of the adhesive bond, and assessment of delamination tendencies of bonded panels following water soaking.