The idea to establish an agricultural futures exchange in Thailand had been brought up since 1979. The Department of Internal Trade, Ministry of Commerce had relentlessly pursued the project. The Agricultural Futures Trading Act B.E. 2542 was finally enacted in 1999 with provisions that the Agricultural Futures Exchange of Thailand be set up.

The Agricultural Futures Exchange of Thailand (AFET) is an independent juristic person established under the provisions of the Act to run the exclusive agricultural futures exchange in Thailand regulated by Agricultural Futures Trading Commission. The Exchange will be the marketplace to trade agricultural futures with established rules and regulations which offer fairness the all buyers and sellers.

On September 20, 2001, the first Board of Directors of the Agricultural Futures Exchange of Thailand was appointed. The Board elected Mr. Chana Rungsaeng as the Chairman and appointed Mr. Jalthong Patamapongs the President. The current Board of Directors is headed by the Chairman, Mr.Prasat Kesawapitak.

The AFET had launched its first futures trading with the natural rubber, ribbed smoked sheet no.3 (RSS3) since May 28, 2004. In addition the second futures contract, white rice 5% brokens, was also listed on August 26, 2004 and tapioca starch premium grade on March 25, 2005.