This study intends to reveal impacts of market makers in enhancing liquidity in the Agricultural Futures Exchange of Thailand (AFET). Simulation based on estimated results of VARs models of return, trading volume, and bid-ask spread are employed to determine the values of these three variables in two different scenarios (with and without market makers). Then, analysis of the impacts assuming snowball effects occur are performed by separating the data into two sub-periods, bull and bear market. The results indicate that market makers can help improving liquidity of the AFET. As a result, market makers should be considered as one of the policies in stimulating liquidity of AFET, which can also help improving efficiency of the market. Then, AFET can effectively serve as alternative channel for farmers and agriculture products traders to hedge their risk from agriculture price volatility, as well as, an alternative investment market for investors.