SUMMARY–Full‐fat soy flours prepared by the extrusion process were shown to have good nutritive value, flavor, and stability. A flour cooked to a nitrogen solubility index (NSI) of 30 stored well, but the addition of tertiary butyl hydroquinone was necessary to prevent rancidity in flours cooked to 19 and 11 NSI values. The 30 NSI flour was more yellow than a commercial flour cooked to the same degree by a different process. When soy flours were compared in bread to 3 and 6% nonfat dry milk on an equivalent protein, fat, and reducing sugar basis, baking properties were similar. At 15 and 20% levels of soy flour, loaf volume decreased less with the extruded products than with nonextrusion‐processed soy