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Yield component analysis provides a framework for identifying potentially useful traits for yield improvement. Consideration of how population density affects other yield components has not been addressed specifically for short‐season soybean [ Glycine max (L.) Merr.] production. We assessed the direct and indirect contributions of population density for short‐season soybean yield and its components over a wide range of population densities (6–134 plants m −2 ) using path‐coefficient analysis. Data were from field tests conducted in 1997, 1998, and 1999 at Keiser, AR. Although population density had a large inverse association with pods plant −1 , the large direct effect of population density on yield was greater than its negative indirect effect via pods plant −1 . The direct effects of pod number plant −1 and seeds pod −1 on yield were positive, whereas mass seed −1 had a negligible effect. Pods fertile‐node −1 differed between cultivars, and it was reduced by increasing population density. For early sowing, the contribution of population density to yield was less because pods m −2 could be achieved at low population densities by a large number of fertile‐nodes plant −1 and pods fertile‐node −1 . In contrast, at late sowing, the decreased potential for fertile‐nodes plant −1 was compensated by increasing plant population density. In short seasons, maximizing nodes m −2 and pods m −2 can be achieved by high population densities and early canopy closure, rather than the conventional system of larger plants with greater numbers of pods plant −1 and pods fertile‐node −1