Seed number (SN) is the component most strongly associated with yield in soybean. SN depends on pod number (PN) and seeds per pod (SPP). Whereas SPP is a relatively stable component, PN is strongly influenced by environmental and management factors. However, the environmental cues involved in PN regulation are not completely understood. The influence of increasing SPP on other yield components is controversial. Field trials were conducted in two growing seasons using two pairs of lanceolate (L) and ovate (O) near-isogenic lines, sown at low (LD) and high (HD) plant densities to evaluate the effect of leaflet shape on crop growth parameters, canopy red/far-red (R/FR) ratio, their relationships with pod initiation, PN, and yield; and the effect of increasing SPP on PN, SN, and yield. L canopies showed a higher number of pods initiated (PI) than O canopies owing to the increase of PI on branches. No association between PI and crop growth rate during the pod set period was found. PI was negatively associated with leaf area index (LAI) and light interception. In contrast, a positive association between PI and canopy R/FR ratio was found. This latter association was sustained irrespective of whether the LAI was below or above its critical value, providing experimental evidence that R/FR ratio is positively associated with pod initiation in soybean canopies. An increase in SPP produced a direct and steady increase in SN regardless of PN and plant density. A yield increase was observed for the L-LD treatment, which combined the increased SPP of L lines with the highest PN of L-LD canopies. These results have implications for crop management and breeding strategies aimed at increasing the yield potential of soybean.