INDORE, Nov 20: A futures exchange opening on Saturday to serve the world's fourth-largest soy producer could grow into a multi-commodity exchange with state support, a leading Indian trade official said."With the operations of the exchange, the entire pattern of seed, oil and meal trade will undergo change in a positive direction and the market will get much-needed support in terms of risk transfer and price discovery," said Kailash Shahra, chairman of the Soybean Processors Association of India (SOPA) Board of Trade Ltd.Shahra said in an interview the government should pave the way for a multi-commodity exchange by allowing the soy exchange to trade in mustard/rapeseed and palmolein. "We gather an impression that the government is positively considering the request to add mustard/rapeseed," he said, adding that the state was fast emerging as the country's second-largest producer of mustard.India annually produces about six million tonnes of soybean, of which the central state of Madhya Pradeshaccounts for more than 70 per cent. Indore is the hub of soybean trade. With the significant soybean crop and value addition of processed products like soy oil and meal amounting to nearly 100 billion Rupees ($2.3 billion), the exchange would likely be India's largest commodity exchange, trade officials said.The Indore-based SOPA established the board of trade to setup the soy complex futures exchange, which was scheduled to be formally inaugurated on Saturday in this central Indian town."We are ready with all arrangements to start the operations and regular trading should start shortly. Jobbers have to get accustomed to the new system and then trading will start," said Shahra, who is also the chairman of leading exporter the Ruchi Group.Shahra said the initial outcry will be replaced within six months by an online screen-based system, and eventually linked with other domestic oilseed exchanges.SOPA received approval from the federal government's Forward Markets Commission in October to conductfutures trading in soybean seeds, soybean meal and soybean oil.Shahra said the exchange would benefit growers, soybean processing industries, soymeal exporters, oil importers, the edible oil trade, and feedstock and livestock industries. He said Madhya Pradesh had the highest number of soya processing industries and was a major marketing centre.Shahra said board of trade was trying to limit the number of exchange members."We are giving preference to farmers, brokers, jobbers, exporters and the industry," he said. He said it would shortly appoint one or two banks as clearing agents. India trails Brazil, Argentina and China in world soy production.