Futures contracts of all components in the edible oil basket declined on domestic exchanges. The October contract of soybean settled 1.1% lower on the National Commodity & Derivatives Exchange today in line with weakness in bellwether contracts on the Chicago Board of Trade. Soybean contracts on the American bourse fell due to subdued demand at higher price level. Prices rose earlier following rains in some parts of the US, the world’s largest soybean grower, that was hitting the standing crop and slowing down the supply in markets. Back home, soybean prices slumped as reports by Soybean Processors Association of India’s said that the soybean crop may be higher this year.