The accurate prediction of soybean yield is vital for global food market stabilization and food security. Recent advancements in remote sensing technology have significantly amplified interest in leveraging satellite-based methods for predicting crop yield. These methods offer in-season yield estimates. By utilizing this timely information, decision-makers can formulate strategic, well-informed choices that preemptively mitigate potential food price hikes, ultimately bolstering food security. While simple regression models have been widely utilized for satellite-based yield prediction, researchers have recently begun to explore the use of deep learning algorithms. This study compares the performance of panel regression and deep learning models for in-season soybean yield prediction at the Department (county-equivalent) level in Argentina. Data sources include the latest soybean land use products and MODIS bi-weekly vegetation index products. Results indicate that deep learning models significantly outperform panel regression. Deep learning Long Short-Term Memory (LSTM) models, which incorporate attention mechanism and a series of peak NDVI images, generate more accurate and time-sensitive predictions. Among competing LSTM models, the one with attention mechanism applied to the entire growing season's NDVI data yields the highest prediction accuracy, with a Root Mean Square Error (RMSE) of 505.78 kg/ha and Normalized Root Mean Square Error (NRMSE) of 0.0726. The LSTM model with attention on the three highest NDVI images attains a satisfactory prediction accuracy (RMSE = 627.28 kg/ha, NRMSE = 0.089) six weeks prior to harvest. This study presents a robust model for predicting crop yields, promoting sustainable production of soybeans and facilitating knowledgeable choices among farmers and policymakers.