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Late‐season applications of foliar N have the potential to increase protein content in hard red winter (HRW) wheat (Triticum aestivum L.), but the optimal N management strategy and economics of this decision have yet to be determined for the U.S. southern Great Plains. This study was conducted to determine the expected net return from HRW wheat managed for enhanced protein and marketed to receive a protein premium. Field experiments were conducted during the 2011 to 2013 harvest years at two Oklahoma locations to estimate the grain yield and protein content response of HRW wheat to N source (urea ammonium nitrate [UAN] or a low salt, controlled release [LSCR] specialty N), N timing (flag leaf or post‐flowering), and N rate (0, 7, 13, or 27 kg N ha⁻¹). Late‐season N treatments significantly influenced protein, but did not significantly increase or decrease grain yield. However, the returns to protein …