Futures contracts of all components of the edible oil basket traded higher on domestic exchanges. Extending gains from the previous session, soybean futures closed nearly 1% higher on NCDEX due to firm demand from crushers. Gains in key soybean contracts on the CBOT also buoyed prices on the Indian exchanges. Futures contracts of soybean traded higher on the US bourse because of lower than expected condition of soybean crop in US. A sharp rise in soybean futures was clipped due to increased acreage under the oilseed in the ongoing kharif season. Acreage under soybean in the country rise 88.2% on year to 0.567 mln ha as sowing picked up in Madhya Pradesh with the progress of monsoon rains.