The Indian agricultural commodity futures markets are efficient and help manage price risks. A study on 15 agricultural commodities found that spot and futures prices are connected, showing market efficiency. Information flows both ways between spot and futures markets, aiding price discovery. Futures markets lead spot markets in some cases. Volatility is persistent, with bi-directional causation in many commodities. Overall, Indian agricultural commodities markets are highly efficient, even during price spikes and distortions.