The most consistent response to starter fertilizer with soybeans would be on soils very deficient in one of the nutrients listed above, or in very high-yield-potential situations where soils have low or medium fertility levels. Furthermore, starter fertilizer in soybeans can be a good way to complement nutrients that may have been removed by high-yielding crops in the rotation, such as corn and help maintain optimum soil test levels.
Banding fertilizer to the side and below the seed at planting is an efficient application method for soybeans. This method is especially useful in reduced-till or no-till soybeans because P and K have only limited mobility into the soil from surface broadcast applications.
However, with narrow row soybeans, it may not be possible to install fertilizer units for deep banding. In that situation, producers can surface-apply the fertilizer. Fertilizer should not be placed in-furrow in direct seed contact with soybeans because the seed is very sensitive to salt injury.
Soybean seldom responds to nitrogen (N) in the starter fertilizer. However, some research under irrigated, high-yield environments with sandy soils suggests a potential benefit of small amounts of N in starter fertilizer.

Figure 1. Visual differences with starter P fertilizer on low testing soils. Photo by Nathan Mueller, former K-State Agronomy graduate student and current Associate Extension Educator at the University of Nebraska West Central Research & Extension Center.
Source : ksu.edu