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Futures, a sagging commodity A tale of mentha farmers and traders in Uttar Pradesh India’s commodity exchanges have seen spectacular growth in trading volumes, liquidity, and participation. However, the agricultural commodity derivative segment has been losing sheen post-2016-17, and this downturn is attributed to declining trade and illiquid futures contracts. Take the case of mentha oil futures, which has seen a declining trend in trading volume, open interest, and futures price since 2017-18. What are the causes of this decline and what is the way ahead? In India, mentha is grown on 3,27,000-3,34,000 hectares, producing about 33,000-35,000 tonnes, accounting for 80 per cent share globally. Uttar Pradesh has a lion’s share in mentha cultivation and processing, and export. ....