An agricultural implement includes a shank assembly having an attachment section and a ground-engaging shank. Furthermore, the agricultural implement includes first and second fasteners coupling the attachment section to a frame member of the agricultural implement. Additionally, the agricultural implement includes a first load sensor configured to generate data indicative of a first load being applied to the first fastener by the shank assembly. Moreover, the agricultural implement includes a second load sensor configured to generate data indicative of a second load being applied to the second fastener by the shank assembly. In addition, the agricultural implement includes a computing system configured to determine when the ground-engaging shank is bent based on the data generated by the first and second load sensors.