Soybean–furfural (SoyFu) adhesives were synthesized through cross-linking soybean flour with furfural under alkaline conditions and the performance of the resulting bio-adhesives was evaluated by manufacturing plywood panels. A total of 30 different bio-adhesive formulations were studied (5 levels of furfural content and 6 levels of sodium hydroxide or pH). Thirty 2-ply plywood panels prepared with these adhesives were pressed at 140°C for 4min. Shear tests were performed on the panels according to ASTM D2339-1998 (2004). The statistical analysis indicated that an interaction existed between furfural (crosslinker) and sodium hydroxide (pH) levels. The best quality panels were produced using adhesives containing high levels of sodium hydroxide (12, 20 and 28g/100g soy flour) and high levels of furfural (50 and 100g/100g soy flour). 13C nuclear magnetic resonance analyses were also performed on a selected formulation. The spectra analysis, however, did not prove that furfural was involved in covalent or ionic bonds with soybean flour.