OTB History



The Ordu Commodity Exchange, which was called “Ordu Commodity and Produce Exchange”, was founded in 15 August 1936 by chairman Baha TEGÜN.

The Ordu Commodity Exchange has been established within Chambers of Commerce and Industry in that period. For this reason, they provided service in the same office. This office was demolished by an “Erzincan Earthquake” in 1939.

When the Ordu Commodity Exchange was established, it was 20th exchange of Turkey. In that period, there were 59 members of the Ordu Commodity Exchange. 10 years later, the number of members increased from 59 to 138 and then it reached 360 members in 2012. Inactive members of the exchance was removed from membership in accordance with the law number 5174. This situation gave rise to exact number of members in the exchange.

The name of the exchange which was founded in 1936 changed from “Ordu Commodity and Produce Exchange” to “Ordu Commodity Exchange” after 1947. We have also used this name at the present time.

Building of the Ordu Commodity Exchange, which is using now and the old exchange building have 1288 m2 land which costed 15 thousand Turkish lira in 1945.

The average, first exchange building costed 70 thousand Turkish lira. This building which was 120 m2 and single floor in Süleyman Felek Street launched in 1951.

Today, the building called “Old Service Building” completed as a commercial building in 1964. It has 650 m2 area of usage. Moreover, this arcade has extanded in a ground floor and it has gotten a lot of buoyancy to the city’s business life.

The first floor of the commercial building built as an exchange building due to inadequacy of the first exchange building that was 120 m2 and single floor in Süleyman Felek Street. They moved from old building to the new exchange building which was 650 m2 in 1990.

In 1994, as a “Hazelnut Product Exchange” which has still used today was rebuilt instead of first exchange building that was single floor. The new building has built on 465 m2 constructional area. There are 5 floors in the new building but 4th and 5th floors are still underconstruction. Therefore, it is used only three floor including ground floor of the new exchange building. 4th and 5th floors will be launching a laboratory and a conference hall as soon as possible.

The Ordu Commodity Exchange consist of 5 occupational groups.

1.Fresh and Dried Fruits


3.Vegetable and Edible Oils

4.Millable Products


Hazelnut is constituted approximately 95% of the total trading volume in the Ordu Commodity Exchange.

In Turkey, according to statistics from Ministry of Agriculture hazelnut production areas are shown as 639 thousand hectares. Hazelnut production in Turkey in the Black Sea region where the highest quality hazelnuts are grown extends from the east of the Georgia border to Istanbul. Furthermore, Turkey as  having the 75% of world production, is the leader in the production and export of hazelnuts. Italy, Spain, USA, Azerbaijan and Georgia are the other major hazelnut producer countries. 

Ordu supply 20-25% of hazelnut production of Turkey singly. This situation means that 180-200 million tons production annually. So, the Ordu Commodity Exchange is placed on the top of between other exchange which is registered with hazelnut, according to trading volume.

The livestock sector, a traditional and important sector in Turkey, is facing a decrease in cattle numbers, sheep, goat herds and in production of beef and veal despite growth in domestic demand. There was a milk crisis in 2008 caused by high feed prices and low milk prices, leading to the slaughter of diary herds and a meat crisis beginning in mid -2009 caused by skyrocketing red meat prices, which continues today. Sheep meat prices increased 50% in 2009 compared to 2008.

The Turkish livestock sector is characterized by small-scale farms and domestic breeds, which are better able to adapt to the harsh climate of Eastern Turkey but are less productive. More than half of the nations’ herds are in Eastern Turkey, despite less suitable topographical and climatic conditions. According to Turkish government policy, the east and southeast regions of Turkey should be livestock producing regions, and a new support system announced at the end of 2009 pays for 30% of construction costs and 40% of equipment and breeding cattle purchase costs for new livestock farms with over 50 head in East and Southeast Anatolia. Turkey maintains a very restrictive livestock product import policy, allowing only imports of dairy and beef breeding stock. According to Eurostat data, during the last 12 months, more than one million sheep and cattle were exported from the EU to Turkey.

Livestock and meat were incorporated into a quatotion list in 2000. In this field, there is not in existence exchanging activity with a modern norm, due to the fact that there is not a livestock market of the exchange. Moreover, livestock sector is not improved because of problems such as climatic geography of our city’s and the lack of medows and ranges. So, agricultural production is prone to producing hazelnut.

In Turkey, total annual oil consumption per head is around 16-17 kg/year. For an adequate nutrition, considering different fields of usage, our country’s annual total oil need is 1,300,000 1,500,000 tons. Turkey’s annual oil production is very lower than this number and each year nearly 850,000 tons vegetable raw and refined oil together with 1,400,000 tons oil seed are imported. For vegetable oil, oil seed, oil seed cake importation every year nearly one billion US dollars are spent. Due to the closure of most of oil seed processing plants, raw oil importation has increased. Turkey’s climatic conditions are very appropriate for all kind of oil plant cultivation.

When comparing the place in the world oil plant cultivation drawing and oil plants in our country, we get a different drawing. In world vegetable oil production, the highest vegetable oil yield is obtained from soybean followed by cottonseed, colza, peanut and sunflower. As far as Turkey is concerned the most important vegetable oil production source is cottonseed followed by sunflower, peanut, soybean and sesame. Production of colza and safflower, important oil plants is almost non-existing. This indicates that in our country increasing measures must be taken on production amount and field sites of oil seed plants such as soybean, colza, safflower.

There are two companies which are producing vegetable oils and “Altaş Yağ Sanayi A.Ş.” is the most important oil factory in Ordu. The “Çotanak” Brand that has been established in 1957 with the title of “Ordu Yağ Sanayi A.Ş.” has been purchased by the Altaş Group in 2009.

We can investigate the liquid oils two different categories.

1.Group Oils: Hazelnut oil and olive oil (Oleic fatty acids)
2.Group Oils: Soya oil, sunflower oil, Com oil, Canola oil etc. (Linoleic fatty acids.)

For the purpose of eating a balanced diet and human health, it is not sufficient to exhaust alone these oils. Anyhow, it is necessary to exhaust together at the same rate of these two types of oils. One of the most important oil is the hazelnut oil has a high rate of oleic acid, which is monounsaturated fatty acid. This group of oils has relatively low rates of linoleic and linolenic acids. Some studies conducted have shown that, among its other benefits, oleic acid decreases bad cholesterol and increases good cholesterol, which contributes to the prevention of cardiovascular diseases; it decreases triglyceride, decreases the risk of hypertension and has a preventive affect in the case of cancer.

Turkey is the 3rd biggest country in flour production in the world and has a share of 9% in total world flour exports. Anatolia is the region where plantation and flour production was first made in the world. In the ancient times flour was produced in stone mortars in Anatolia. Later, production of flour by watermills began. Although the first modern flour plant in Turkey was established in Istanbul in 1900s, the watermills numbering some 40,000 across the country still survived and dominated flour production activity until 1950s.

Number and capacity of modern flour plants increased significantly during 1960s. Number of plants existing in Turkey reached 309 by 1997, boosting flour production capacity to 6 million tons. During 1980s this number jumped to 584 and production capacity hit 14 million tons. The boom in exports during 1990s and 2000s further accelerated the increase in number of flour plants and the industry’s capacity. Currently, there are about 715 plants with a production capacity of 32.5 million tons (2010).

But the sector is not strong enough not to be effected by global crisis. So, factories which are obtained flour from millable products were closed. Closing of flour factory is not only related to economic crisis but it has also surplus capacity. There were a lot of factory which can produce redundant product because of their size of assets. Thus, a lot of flour factory had to close down. In 2006, the last factory closed down in Ordu. So, nowadays we have no flour factory in Ordu.

In 2012, China, Turkey, and Ukraine were the top producers of natural honey. Turkey, did not only ranked number 4 among the top 10 honey producing countries in the world, but it’s the top country producer of pine honey in the world. In fact, 92% of piney honey is found in Aegean Region while the remaining 8% is in Greece. Moreover, it has received a certification along with countries like Scotland, and Austria as an organic honey producer which goes the same with New Zealand, Mexico, and Nicaragua. The good thing about these statistics, the consumption rate is still so high in Turkey which significantly indicates that its citizens support their own production of honey. It has an increased production of 73,929 which made up a 13,000 difference against Ukraine.

Approximately, 25% of honey production in Turkey is produced by producer, who are Ordu residents. So, Ordu is ranked the first in terms of apiarist and hive number. Also, “Apiculture Research Institute”, which is the first and only is situated in Ordu. Furthermore, honey was found appropriate that it was incorporated into a quatation list because of apiculture and honey become popular commercially. Therefore, honey was incorporated into a quatotion list of the Ordu Commodity Exchange in 2007.

288,337 kg honey was registered by the Ordu Commodity Exchange in 2012. 64,320 kg of this honey was exported to the Saudi Arabia by the Ordu Commodity Exchange. Also, 1000 queen were registered by the Ordu Commodity Exchange. We can see clearly that honey quantity which was registered by the Ordu Commodity Exchange was very slightly. This means, a thousandth of the honey which was produced by producer, who are residence in Ordu, was registered under the Ordu Commodity Exchange. Because, producer, who are residence in Ordu, do not produce honey in Ordu. They prefer producing honey in the Eastern Anatolia Region and selling on the premises. In other words, they are not dealer, they are just producer.

An information about trading volume of products which are in the quatotion list of the Ordu Commodity Exchange are incorporated into an annual bulletin.

The founder management of the Ordu Commodity Exchange

Baha TEGÜN (President)

Ömer AKYAZI (Vice President)

Mustafa HEKİM (Member)

Mehmet AKYAZI (Member)

Dursun GÜRSOY (Member)

Ziver AKIN (Member)

Ahmet Cemal MAĞDEN (Member)

Halis MUTLU (Secretary General)

Legal Responsibilities

The Ordu Commodity Exchange render a service according to the law number 5174 which is arranged organisation and operation of the Union of Chambers and Commodity Exchanges of Turkey which is an umrella organization of 365 Chambers and Exchange in Turkey.

Duties of the Commodity Exchanges are as follows: “In accordance with the article 34 of the law number 5174”.

- To arrange and register the purchase and sale of the goods quoted with the commodity exchange.

- To duly determine and announce the daily prices, which occurs in the  commodity exchange of the goods quoted with the commodity exchange.

- To make general regulations that come into effect by the approval of the Union concerning obligations of seller and purchaser for delivery, acceptance and payment, conditions of liquidation terms of transactions, conditions that have effect upon prices, and arbitration rules for resolving disputes that may arise.

- To follow domestic and overseas commodity exchange and markets activities and to communicate the prices, to guide its members concerning electronic commerce and internet networks.

       - To issue and approve the documents stated in article 51.

- To establish laboratories and technical offices or to participate in the ones that have already been established in order to determine types and specialties of the goods quoted with the commodity exchange.

- To determine the customs and practices regarding the commodity exchange in its regions, to submit them to the Ministry for its approval and to announce them.

- To make offers, wishes and applications to the relevant official authorities with regard to the subjects of activities of the commodity exchange; to bring a suit on behalf of him or members when all or some of the members have interest.

- To monitor the agreements, decisions and actions in a character of concerted practice that may have deteriorative effects over the competitiveness, and, in case of determination of any such agreements, decisions or concerted practices, to inform the relevant authorities.

- In case that the works, which are given to the ministries and other public institutions by the legislation, are given to the commodity exchanges in the framework of their establishment and working fields that are stated in this Law, these commodity exchanges shall carry out these works.

- To provide necessary documents to its members and render services in connection there with.

- To assess the applications to be made on of domestic fairs and make proposals to the Union.

- To discharge the duties assigned by other relevant legislation and by the Union and the Ministry in accordance with the relevant Laws.


Working Fields and Service Mentality of the Ordu Commodity Exchange

The working field of the exchange is assigned by the article 30 of the law number 5174. For this reason, the working field of the Ordu Commodity Exchange is the city of Ordu except “Fatsa” and “Ünye”. Trading of products which are in the quatotion list of the Ordu Commodity Exchange is registered meticulously. Especially, price of the hazelnut is announced in an offical website and electronic screens by the Ordu Commodity Exchange.

The articles in a quatotion list of the Ordu Commodity Exchange


2.Livestock and Meat

3.Vegetable Oils



According to the article 34 of the law number 5174, the most important distinctive competency of the Ordu Commodity Exchange is enhancing development of the professions in conformance with general interest, facilitating professional work of members, promoting honesty and confidence in the relations of members with one another and with the general public, and preserving professional discipline and ethics.

Ordu Commodity Exchange, which has been accredited since 2012. Turkish Union of Chambers and Commodity Exchanges (TOBB) started accreditation in 2001 and Ordu Comodity Exchange which became accredited in 7th term of the Turkish Union of Chambers and Commodity Exchanges. Accreditation system which requires the members of exchanges to perform at the highest standarts.