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There are two options. mini-snmpd or snmpd.

opkg install snmpd

Then Edit the /etc/config/snmpd file and finetune what you need. More advanced configurations might need to edit the /etc/init.d/snmpd script and make the snmpd program to load another custom config

opkg install mini-snmpd

Open /etc/config/mini_snmpd and update the entries in the brackets to something that makes sense for you:

config mini_snmpd
        option enabled 1
        option ipv6 0
        option community <SNMP COMMUNITY>
        option location '<WHERE YOUR OPENWRT IS :)>'
        option contact '<YOUR CONTACT DETAILS>'
        option disks '/tmp,/jffs,<ANY OTHER DISKS>'
        option interfaces 'lo,br-lan,eth0.1,eth1' # Max 4

As of r25486 this patch is in the tree.

Take a look at this post: https://forum.openwrt.org/viewtopic.php?pid=127560#p127560 I.e. Get patch from https://dev.openwrt.org/ticket/8818, build and reinstall the whole kernel/system (rebuild and opkg install the new snmp package didn't work).

For some reason, Cacti doesn't like the system response that mini_snmpd gives (eg uptime, syslocation etc). In order to get your graphs correctly generated within Cacti, you need to change the way Cacti polls the OpenWRT system to see if it is up - on the device page within Cacti you should change the 'downed device detection' method to 'Ping' and the ping method to 'ICMP Ping'. This should then work :)

Here is a small patch for mini_snmpd to support monitoring wireless signal and noise with Cacti. Here is the patch for mini_snmpd and here is a patch to add it to OpenWrt. Here is a blog post about how to configure Cacti to make graphs from signal and noise data.

The OIDs in the patch are chosen to work with the kbridge.xml SNMP query this is distributed with Cacti.