A study was conducted to investigate the influence of rain on retention of soybean oil emulsions and their influence on wax morphology and gas exchange of apple and peach leaves. Peach and apple trees were grown in 19-liter pots in a greenhouse (25 °C). Two different soybean oil emulsions were sprayed on trees in a randomized block design with five replications. Twenty-four hours after the oil sprays, the trees were subjected to three rainfall regimes, 0.25, 1.25, and 2.54 cm. The surface wax and the oil residue on leaves were determined gravimetrically after chloroform extraction. A negative relationship existed between rainfall and oil retention. Peach leaves receiving 0.25, 1.25, and 2.54 cm rainfall lost 19%, 62%, and 82% of the applied oil, respectively. There were no differences in oil retention between top, middle, and bottom layers of the canopy, indicating that leaf age did not influence oil retention. Oil residue loss from apple leaves was similar to that from peach. Scanning electron microscopy revealed that the leaf wax morphology was not affected by the soybean oil emulsions and occurred as striations on both leaf surfaces. However, one of the emulsions partially washed off the waxes from apple leaf surfaces whereas the other emulsion did not exhibit this phenomenon. Furthermore, both of the soybean oil emulsions induced partial or full stomatal closure, which influenced stomatal conductance and transpiration.