Plants of any age can be infected by Macrophomina phaseolina. The initial infection occurs in spring season when soil moisture is high. However, symptoms remain latent unless stressful environmental conditions especially hot dry weather occur during the mid to late season as the crop begins to flower and form pods.
Foliar fungicides are not effective for controlling charcoal rot. The disease can be managed by using resistant varieties, crop rotation and field sanitation.
I agree with Arvind Singh and Bhavin Mehta that plants can become infected early and much of the infections are latent without obvious symptoms. It is certainly not expected that foliar fungicide can be workable for the disease on soybean. Beside the methods suggested such as rotation and sanitation there is potential for using soil solarization and the use beneficial mycorrhizae would be potentially useful.