This study uses data from a survey of wheat sellers and buyers in five different exchanges in Turkey to gain a better understanding of seller and buyer satisfaction with the current exchange system and factors that influence exchange participants' decisions to choose exchanges over other ways of selling wheat. The descriptive and econometric results indicate that most sellers and buyers have a few problems with the current system. The major dissatisfaction with exchanges are prices and fees. The Tobit model results suggest that there is a great potential for accepting a new grading system and accepting legally enforceable warehouse receipts because sellers and buyers most concerned about warehouse receipts use the exchanges the least.