10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to                

Commission File number: 000-51836

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

(Exact name of registrant as specified in charter)

Illinois	36-4368292
(State of Organization)	(IRS Employer Identification Number)

c/o Beeland Management Company, L.L.C. General Partner 141 West Jackson Boulevard Suite 1340A Chicago, Illinois	60604
(Address of principal executive offices)	(Zip Code)

(312) 264-4375

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The following financial statements of Rogers International Raw Materials Fund, L.P. are included in Item 1:

	Page
Financial Statements
Statements of Financial Condition as of March 31, 2012 (Unaudited) and December  31, 2011 (Audited)		3
Condensed Schedules of Investments as of March 31, 2012 (Unaudited) and December  31, 2011 (Audited)		4-5
Statements of Operations for the Three Months Ended March 31, 2012 and March 31, 2011 (Unaudited)		6
Statements of Changes in Partners’ Capital (Net Assets) for the Three Months Ended March  31, 2012 and March 31, 2011 (Unaudited)		7
Notes to Financial Statements (Unaudited)		8-16

2

Rogers International Raw Materials Fund, L.P.

Statements of Financial Condition as of March 31, 2012 (Unaudited) and December 31, 2011 (Audited)

	March 31, 2012			December 31, 2011
ASSETS
Equity in broker trading accounts:
Cash at brokers	$	5,869,185		$	5,387,385
Unrealized gain/(loss) on open futures contracts, net		(382,929	)		(860,221	)
Total equity in brokers trading accounts		5,486,256			4,527,164
U.S. Government securities, at fair value		28,169,892			27,673,158
Cash and cash equivalents		184,313			2,899,515
Receivable from MF Global (Note 4)		1,841,003			1,825,854
Total assets	$	35,681,464		$	36,925,691
LIABILITIES
Brokerage commissions payable	$	4,356		$	4,357
Accrued management fees – General Partner		30,163			31,147
Administrative and other fees payable		246,051			214,855
Subscriptions received in advance		5,000			—
Withdrawals payable		1,662,999			1,789,741
Total liabilities		1,948,569			2,040,100
PARTNERS’ CAPITAL (NET ASSETS)
Partners’ capital (net assets)		33,732,895			34,885,591
Total liabilities and partners’ capital (net assets)	$	35,681,464		$	36,925,691

See accompanying notes to the financial statements.

3

Rogers International Raw Materials Fund, L.P.

Condensed Schedule of Investments as of March 31, 2012 (Unaudited)

U.S. Government securities: (total cost—$28,147,025)	Fair Value			Percent of Partners’ Capital (Net Assets)
U.S. Treasury Bills due 4/5/2012 at 0.20%, principal amount $3,300,000	$	3,299,910			9.78	%
U.S. Treasury Bills due 5/3/2012 at 0.08%, principal amount $4,070,000		4,069,695			12.05
U.S. Treasury Bills due 5/31/2012 at 0.18%, principal amount $3,678,000		3,676,882			10.90
U.S. Treasury Bills due 6/28/2012 at 0.17%, principal amount $3,300,000		3,298,654			9.78
U.S. Treasury Bills due 7/12/2012 at 0.09%, principal amount $2,000,000		1,999,503			5.93
U.S. Treasury Bills due 7/26/2012 at 0.06%, principal amount $2,000,000		1,999,617			5.93
U.S. Treasury Bills due 8/23/2012 at 0.09%, principal amount $3,400,000		3,398,800			10.09
U.S. Treasury Bills due 9/20/2012 at 0.09%, principal amount $2,100,000		2,099,094			6.22
U.S. Treasury Bills due 10/18/2012 at 0.10%, principal amount $1,000,000		999,458			2.96
U.S. Treasury Bills due 10/18/2012 at 0.12%, principal amount $2,000,000		1,998,682			5.93
U.S. Treasury Bills due 11/15/2012 at 0.05%, principal amount $1,330,000		1,329,597			3.94
	$	28,169,892			83.51	%
	Unrealized Gain (Loss) on Open Long Futures Contracts			Percent of Partners' Capital (Net Assets)
Futures contracts*:
U.S. Futures Positions
Agricultural	$	51,435			0.15	%
Metals		(82,580	)		(0.24	)
Energy		(88,522	)		(0.26	)
Total U.S. Futures Positions		(119,667	)		(0.35	)
Foreign Futures Positions
Agricultural		20,917			0.06
Metals		(284,179	)		(0.84	)
Total Foreign Futures Positions		(263,262	)		(0.78	)
Total Futures Contracts	$	(382,929	)		(1.13	%)

* No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets).

Accordingly, the number of contracts and expiration dates are not presented.

See accompanying notes to financial statements.

4

Rogers International Raw Materials Fund, L.P.

Condensed Schedule of Investments as of December 31, 2011 (Audited)

U.S. Government securities: (total cost—$27,649,960)	Fair Value			Percent of Partners’ Capital (Net Assets)
U.S. Treasury Bills due 2/9/2012 at 0.19%, principal amount $2,510,000	$	2,509,478			7.19	%
U.S. Treasury Bills due 3/8/2012 at 0.26%, principal amount $2,330,000		2,328,863			6.68
U.S. Treasury Bills due 4/5/2012 at 0.20%, principal amount $3,300,000		3,298,273			9.45
U.S. Treasury Bills due 5/3/2012 at 0.08%, principal amount $4,070,000		4,068,855			11.66
U.S. Treasury Bills due 5/31/2012 at 0.18%, principal amount $3,678,000		3,675,215			10.54
U.S. Treasury Bills due 6/28/2012 at 0.17%, principal amount $3,300,000		3,297,278			9.45
U.S. Treasury Bills due 7/26/2012 at 0.06%, principal amount $2,000,000		1,999,319			5.73
U.S. Treasury Bills due 8/23/2012 at 0.09%, principal amount $3,400,000		3,398,046			9.74
U.S. Treasury Bills due 9/20/2012 at 0.09%, principal amount $2,100,000		2,098,618			6.02
U.S. Treasury Bills due 10/18/2012 at 0.10%, principal amount $1,000,000		999,213			2.87
	$	27,673,158			79.33	%
	Unrealized Gain (Loss) on Open Long Contracts			Percent of Partners' Capital (Net Assets)
Futures contracts*:
U.S. Futures Positions
Agricultural	$	(235,456	)		(0.68	%)
Metals		(227,120	)		(0.65	)
Energy		(181,989	)		(0.52	)
Total U.S. Futures Positions		(644,565	)		(1.85	)
Foreign Futures Positions
Agricultural		35,348			0.10
Metals		(251,004	)		(0.72	)
Total Foreign Futures Positions		(215,656	)		(0.62	)
Total Futures Contracts	$	(860,221	)		(2.47	%)

* No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets).

Accordingly, the number of contracts and expiration dates are not presented.

See accompanying notes to financial statements.

5

Rogers International Raw Materials Fund, L.P.

Statements of Operations for the Three months Ended March 31, 2012 and March 31, 2011 (Unaudited)

	Three Months Ended March 31, 2012			Three Months Ended March 31, 2011
Net trading gains (losses):
Realized	$	1,351,882		$	6,979,144
Change in unrealized		477,292			(2,215,838	)
Commissions		(20,810	)		(24,464	)
		1,808,364			4,738,842
Investment income:
Interest income		10,133			18,994
Other income		—			5,435
		10,133			24,429
Expenses:
Management fees – General Partner		88,757			127,132
Administrative fees and other expenses		190,947			212,320
		279,704			339,452
Net investment loss		(269,571	)		(315,023	)
Net income	$	1,538,793		$	4,423,819
Net increase in NAV per GP and LP unit:
General Partner	$	7.42		$	17.14
Limited Partners-Series A	$	7.42		$	17.14
Limited Partners-Series B	$	7.28		$	17.05
Net income per General and Limited Partners (based on weighted average number of units outstanding during the period):
General Partner	$	27,206		$	69,160
Limited Partners-Series A		1,481,124			4,308,803
Limited Partners-Series B		30,463			45,856
	$	1,538,793		$	4,423,819

See accompanying notes to financial statements.

6

Rogers International Raw Materials Fund, L.P.

Statements of Changes in Partners’ Capital (Net Assets) for the Three Months Ended March 31, 2012 and March 31, 2011(Unaudited)

	General Partner						Limited Partners
							Series A						Series B
	Number of Units			Dollars			Number of Units			Dollars			Number of Units			Dollars			Total			Total
Partners’ capital (net assets), December 31, 2011		3,444		$	584,022			198,238		$	33,611,272			4,135		$	690,297		$	34,301,569		$	34,885,591
Contributions		—			—			—			—			290			50,176			50,176			50,176
Net income		—			27,206			—			1,481,124			—			30,463			1,511,587			1,538,793
Withdrawals		(1,120	)		(200,000	)		(14,289	)		(2,539,642	)		(11	)		(2,023	)		(2,541,665	)		(2,741,665	)
Partners’ capital (net assets), March 31, 2012
		2,324		$	411,228			183,949		$	32,552,754			4,414		$	768,913		$	33,321,667		$	33,732,895
Partners’ capital (net assets), December 31, 2010		4,034		$	770,838			255,561		$	48,829,926			1,780		$	339,077		$	49,169,003		$	49,939,841
Contributions		—			—			—			—			1,269			247,893			247,893			247,893
Net income		—			69,160			—			4,308,803			—			45,856			4,354,659			4,423,819
Withdrawals		—			—			(13,874	)		(2,816,566	)		—			—			(2,816,566	)		(2,816,566	)
Partners’ capital (net assets), March 31, 2011		4,034		$	839,998			241,687		$	50,322,163			3,049		$	632,826		$	50,954,989		$	51,794,987

	March 31,		March 31,
Per unit data	2012		2011
Net asset value Series A	$	176.97	$	208.21
Net asset value Series B	$	174.20	$	207.49
Net asset value General Partner	$	176.97	$	208.21

See accompanying notes to financial statements.

7

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 1. Significant Accounting Policies:

Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the “Partnership”) is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures and forward contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the “long side” of the market. The Partnership’s investment strategy is designed to replicate the Rogers International Commodity Index ^® (the “Index”) and positions are rebalanced monthly to maintain the Index’s relative weightings. James B. Rogers designed the Index.

The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as “Series A” units, and offered Series A units through October 2005. The Partnership began offering Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”).

Accounting Policies: The Partnership follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (“FASB”), to ensure consistent reporting of financial condition and results of operation.

Net Assets: The valuation of net assets includes open commodity futures contracts owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on closing prices on the last business day of each month. Net asset value is determined by subtracting liabilities from assets, which also equals partners’ capital.

Cash and Cash Equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents represent amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals.

Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded at fair value.

Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers.

Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.

Interest Income Recognition: The Partnership records interest income on the accrual basis.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Partnership’s estimate regarding the carrying value of its receivable from MF Global, Inc. (Note 4) is a significant estimate and due to the uncertainty of future events, this estimate could change in the near term.

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses.

8

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 1. Significant Accounting Policies (Continued):

Ongoing Offering Expenses: Ongoing offering expenses are accrued on an ongoing basis and charged to expense as incurred.

Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes.

The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2008. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through March 31, 2012.

Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held.

Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 6).

Statement of Cash Flows: The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

-During the year, substantially all of the Partnership’s investments were highly liquid;

-Substantially all of the Partnership’s investments are carried at fair value;

-The Partnership had little or no debt during the year;

-The Partnership’s financial statements include a statement of changes in partners’ capital (net assets).

Note 2. Fair Value Measurements:

As described in Note 1, the Partnership records its investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies.

Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

9

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 2. Fair Value Measurements (Continued):

The following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

The fair values of exchange traded futures contracts are based upon exchange settlement prices. Money market funds included in cash and cash equivalents are valued using quoted market prices. U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted prices for identical assets in an active market. These financial instruments are categorized in Level 1 of the fair value hierarchy.

The following table summarizes the Partnership’s assets measured at fair value on a recurring basis as of March 31, 2012 and December 31, 2011 using the fair value hierarchy:

	March 31, 2012			December 31, 2011
Description	Level 1			Level 1
Equity in brokers trading account:
Unrealized loss on open futures contracts, net*	$	(382,929	)	$	(860,221	)
U.S. Government securities*		28,169,892			27,673,158
Cash and cash equivalents
Money market funds		146,538			2,409,216
Total assets at fair value	$	27,933,501		$	29,222,153

* See condensed schedules of investments for further description.

At March 31, 2012 and December 31, 2011 and for the three months ended March 31, 2012 and 2011 there were no Level 2 or Level 3 assets or liabilities.

In addition, substantially all of the Partnership’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

10

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 3. Derivative Transactions

Qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements are presented.

The Partnership’s business is the speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

As of March 31, 2012 and December 31, 2011 and for the three months ended March 31, 2012 and 2011, the Partnership’s derivative contracts had the following impact on the statements of financial condition and statements of operations:

	Asset Derivatives		Liability Derivatives			Net Derivatives
	March 31, 2012		March 31, 2012			March 31, 2012
	Fair Value		Fair Value			Fair Value*
Agricultural	$	261,910	$	(189,558	)	$	72,352
Metals		317,549		(684,308	)		(366,759	)
Energy		18,624		(107,146	)		(88,522	)
Totals	$	598,083	$	(981,012	)	$	(382,929	)

* The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition.

	Asset Derivatives		Liability Derivatives			Net Derivatives
	December 31, 2011		December 31, 2011			December 31, 2011
	Fair Value		Fair Value			Fair Value*
Futures positions:
Agricultural	$	191,448	$	(391,556	)	$	(200,108	)
Metals		118,572		(596,696	)		(478,124	)
Energy		11,034		(193,023	)		(181,989	)
Totals	$	321,054	$	(1,181,275	)	$	(860,221	)

* The net fair value of all asset and liability derivative is included in equity in broker trading accounts in the statements of financial condition.

11

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 3. Derivative Transactions (Continued):

Trading revenue for the three months ended March 31, 2012 and 2011:

	Three months ended		Three months ended
Type of Contract	March 31, 2012		March 31, 2011
Agricultural	$	253,170	$	952,419
Metals		627,934		450,062
Energy		948,070		3,360,825
	$	1,829,174	$	4,763,306
	Three months ended		Three months ended
	March 31, 2012		March 31, 2011
Line Item in Statements of Operations
Realized	$	1,351,882	$	6,979,144
Change in unrealized		477,292		(2,215,838	)
	$	1,829,174	$	4,763,306

Trading income is exclusive of brokerage commissions.

For the three months ended March 31, 2012 and 2011, the monthly average number of contracts bought and sold was 1,071 and 1,208, respectively.

Note 4. Receivable from MF Global:

On October 31, 2011, MF Global Holdings Ltd., the parent company of MF Global Inc., then the Partnership’s futures commission merchant, filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. The Securities and Exchange Commission and CFTC agreed that a bankruptcy led by the Securities Investor Protection Corporation (“SIPC”) of MF Global Inc. would be the safest and most prudent course of action to protect customer accounts and assets and SIPC initiated the liquidation of MF Global Inc. under the Securities Investor Protection Act. As of October 31, 2011, the Partnership held $5,131,353 or approximately 12.6% of partners’ capital in customer segregated and secured accounts at MF Global Inc. The CFTC has stated that there is a shortfall in customer segregated accounts held by MF Global Inc., and the true extent of such shortfall remains unknown. Although some assets have been transferred from MF Global Inc. to the Partnership’s new futures commission merchant, ADM Investors Services, Inc., as of March 31, 2012, the General Partner believes that a portion of the Partnership’s assets are, and may remain for some time, illiquid, but does not have sufficient information to estimate accurately how long such assets may be unavailable to the Partnership or the percentage of assets that may not be recovered, if any. Through March 31, 2012, this receivable was reduced by $2,159,648 comprised of disbursements initiated by the bankruptcy trustee, as well as other trading related activities. The Company has filed appropriate claims with the bankruptcy trustee for remaining amounts due (the MF Global Claim). However, due to the inherent uncertainty in the timing and results of the liquidation process from the bankruptcy proceedings, the Partnership recognized a 2.78% (or $1,130,702) loss in 2011 on the MF Global Claim, which is an estimate of the Partnership’s pro-rata share of the projected MF Global Inc. asset shortfall. At March 31, 2012 and December 31, 2011, reflected on the Statements of Financial Condition, the receivable from MF Global Inc. was $1,841,003 and $1,825,854, respectively. The amount of the receivable from MF Global, Inc. increased from December 31, 2011 to March 31, 2012 by $15,149 due to foreign currency conversions recorded in January 2012. The increase is included in the trading gains/losses on the Statement of Operations as of March 31, 2012.

12

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 4. Receivable from MF Global (Continued):

The remaining receivable from MF Global Inc. of $1,841,003 is estimated by management based upon information provided by the bankruptcy trustee as well as independent third party bids to purchase the MF Global Claim, and may be subject to change in the near term. Such change could be material to the presentation of the statement of financial condition. In addition, the Partnership is withholding approximately 5% of the proceeds of redemptions attributable to Partnership assets, for which a loss was not taken and that are encumbered in the MF Global liquidation subject to a claims recovery process to be administered by the liquidation Trustee, pending completion of the MF Global liquidation or the receipt by the Partnership of the full amount of its claims.

Note 5. Agreements and Related-Party Transactions:

The Limited Partnership Agreement vests all responsibility and powers for the management of the business and affairs of the Partnership with the General Partner, Beeland Management Company, L.L.C., including trading decisions.

The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the net assets of the Partnership at the close of the preceding month (1.00% per annum).

The Partnership is responsible for the administrative and trading expenses related to its operations. The General Partner may incur certain expenses on behalf of the Partnership and charge the Partnership for its allocable portion of these expenses.

Uhlmann Price Securities L.L.C. (“Uhlmann”), a party related to the General Partner by reason of common management, acts as the selling group manager for the Partnership. The Partnership pays Uhlmann a share of selling fees when units are sold by its registered brokers. Selling fees of up to 2% of the gross offering proceeds (which includes a 0.50% reallowance to Uhlmann) are charged to partners’ capital upon issuance of Series B Partnership units.

In addition, there is an annual trailing servicing fee of up to 1% of the net asset value of the specific partner’s capital account payable to the soliciting broker-dealer for ongoing investor services. For all Series B units sold, the total trailing servicing fee is not to exceed 7.99% of the gross offering proceeds of the units sold.

The Price Futures Group, Inc. (“PFG”), a related party to the General Partner through common management, acts as the introducing broker for the Partnership, whereby certain accounts of the Partnership are introduced to the Partnership’s clearing broker. A portion of the brokerage fee paid by the Partnership for clearing transactions is paid to PFG by the clearing broker.

Fund Dynamics, LLC, an affiliate of the General Partner through common management, acts as the Partnership’s administrator. Fund Dynamics, LLC calculates both the daily and monthly Net Asset Value (“NAV”), prepares the monthly accounting package, and prepares monthly investor statements.

A summary of fees charged by related parties to the Partnership is as follows:

	Three months ended		Three months ended
	March 31, 2012		March 31, 2011
Management fees – General Partner	$	88,757	$	127,132
Administrative fees – Fund Dynamics		20,386		28,008
Trailing servicing fees – Uhlmann		57,486		81,438
Selling Fees – Uhlmann		1,024		6,356

13

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 6. Partnership Capital and Withdrawals:

The Partnership accepts contributions as of the close of business on the last business day of each month for investment on the first day of the next succeeding month. The General Partner may accept or reject contributions and waive the minimum contribution amounts in its sole discretion.

Effective November 1, 2010, the Partnership began accepting contributions for Series B units. The Partnership has been closed to Series A units contributions since October 31, 2005.

The purchase price of a unit is the net asset value per unit as of the end of each calendar month. Net asset value per unit is calculated as the net asset value at month-end divided by the number of outstanding units.

The Partnership accepts withdrawals on a monthly basis. Requests for withdrawal should be received by the General Partner no later than six business days prior to the end of the month in which an investor chooses to withdraw. Requests for withdrawal should be sent to the General Partner by email, fax, or overnight courier.

Note 7. Financial Instruments with Off-Balance Sheet Credit and Market Risk:

The Partnership is involved in trading activities that may have market and/or credit risk. Financial instruments employed in the Partnership’s operations may have market and/or credit risk in excess of the amounts recorded in the statement of financial condition.

Market Risk—Market risks arise from changes in the market value of financial instruments. Theoretically, the Partnership’s exposure is equal to the notional contract value of futures contracts entered. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded.

Credit Risk—Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership’s exposure to credit risk associated with counterparty nonperformance is generally the net unrealized gain on the open positions plus the value of the margin or collateral held by the counterparty. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges. Financial instruments traded off-exchange give rise to the risk of the failure of, or the inability or refusal to perform by, the counterparties to such trades.

Concentration of Credit Risk—The Partnership clears all of its futures trades through one clearing broker, ADM Investor Services, Inc. In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends on the creditworthiness of the counterparties to these transactions.

The Partnership has a substantial portion of its assets on deposit with financial institutions in connection with its cash management activities. In the event of a financial institution’s insolvency, recovery of the Partnership’s assets on deposit may be limited to the amount of insurance or other protection afforded such deposits.

The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the clearing broker and financial institutions.

14

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 8. Financial Highlights:

Financial highlights for limited partners for the three months ended March 31, 2012 and 2011 are as follows:

Per Unit Performance

	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	March 31, 2012			March 31, 2012			March 31, 2011			March 31, 2011
Net asset value per unit at the beginning of the period	$	169.55		$	166.92		$	191.07		$	190.44
Income (loss) from operations:
Net trading gains (losses)		8.77			8.62			18.37			18.43
Investment income:		0.05			0.05			0.10			0.08
Expenses:		(1.40	)		(1.39	)		(1.33	)		(1.46	)
Net investment gain (loss)		(1.35	)		(1.34	)		(1.23	)		(1.38	)
Net income (loss) per unit		7.42			7.28			17.14			17.05
Net asset value per unit at the end of the period	$	176.97		$	174.20		$	208.21		$	207.49
	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	March 31, 2012			March 31, 2012			March 31, 2011			March 31, 2011
Ratio of net investment loss to average partners’ capital (net assets)(1)		(3.32	%)		(3.32	%)		(2.47	%)		(2.74	%)
Ratio of expenses to average partners' capital (net assets) (1)(2)		3.20	%		3.20	%		2.66	%		2.90	%
Total return (3)		4.38	%		4.36	%		8.97	%		8.95	%

The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner’s capital account, which may vary from these ratios based on the timing of capital transactions (see Note 5).

⁽¹⁾  Annualized.

⁽²⁾ The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions.

⁽³⁾  Not annualized.

15

Rogers International Raw Materials Fund, L.P.

Notes to the Financial Statements (Unaudited)

Note 9. Litigation:

The Partnership is a beneficiary of a Litigation Trust which is seeking recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the “Refco Bankruptcy”). As of March 31, 2012, the Partnership has received the full value of its allowed claims in the Refco Bankruptcy and has recovered approximately $4.8 million in excess of its allowed securities claim in the Refco Bankruptcy and may receive additional Refco Bankruptcy related recoveries, although there can be no assurance that it will or that any additional recoveries will be material. Management is unable to estimate the amounts of any such additional recoveries.

All Refco Bankruptcy related recoveries received by the Partnership, including excess recoveries except as described below, have been allocated among all partners in the Partnership who were partners as of October 31, 2005, on a pro-rata basis as October 31, 2005, with redeemed partners receiving cash distributions. Cash distributions to redeemed partners from excess recoveries totaled approximately $1,065,000 for the year ended December 31, 2011. No excess distributions have been made in 2012. Pursuant to Section 12.2 of the Partnership’s Agreement of Limited Partnership, the Partnership reimbursed the General Partner and James B. Rogers approximately $400,000 and $428,000, respectively, from excess recoveries for legal costs incurred by the General Partner and James B. Rogers defending against suits related to the Refco Bankruptcy in 2010 and 2009. There are no fees due under these arrangements as of March 31, 2012 and December 31, 2011, respectively.

The Partnership has reserved $30,000 of the excess Refco related recoveries to apply to expenses incurred to administer ongoing communication with, and distributions and reporting to, redeemed limited partners with respect to Refco related recoveries received by the Partnership. These expenses include but are not limited to professional fees, printing, postage, and administration fees. At March 31, 2012, $23,302 of these expenses is included in administrative and other fees payable on the statement of financial condition.

At March 31, 2012 and December 31, 2011, no excess Refco related recoveries were payable to redeemed limited partners.

Note 10. Indemnifications:

In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties, both of which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.

Note 11. Interim Financial Statements:

The statements of financial condition, including the condensed schedule of investments, as of March 31, 2012, the statement of operations and changes in partners’ capital (net assets) for the three months ended March 31, 2012 and 2011 and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of the General Partner, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of the financial position as of March 31, 2012, results of operations and changes in partner’s capital (net assets) for the three months ended March 31, 2012 and 2011. The results of operation for three months ended March 31, 2012 and 2011 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Partnership’s Form 10-K as filed with the SEC.

Note 12. Subsequent Events:

Subsequent to March 31, 2012, there were $20,000 of contributions and withdrawals totaled approximately $1,666,670.

16

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The Partnership’s principal objective is to provide an alternative investment vehicle for investors with diversified investment portfolios. The Partnership’s trading is designed to replicate the positions which comprise the Rogers International Commodity Index. The Partnership invests and trades in a portfolio of commodity futures and exchange traded forward contracts. The Partnership invests and trades solely on the “long side” of the market. The General Partner (“Beeland Management”) manages all business of the Partnership.

CAPITAL RESOURCES

The Partnership will raise additional capital only through the sale of Units offered pursuant to a continuing offering and does not intend to raise any capital through borrowing. Due to the nature of the Partnership’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

LIQUIDITY

Most United States commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. This may affect the Partnership’s ability to initiate new positions or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Partnership from promptly liquidating unfavorable positions and subject the Partnership to substantial losses, which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Partnership may not be able to execute futures trades at favorable prices if little trading in such contracts is taking place.

Other than these limitations on liquidity, which are inherent in the Partnership’s trading operations, the Partnership’s assets are expected to be highly liquid.

RESULTS OF OPERATIONS

The Partnership’s net income or loss is directly related to changes in the value of the Index, which the Partnership is designed to replicate, and is not dependent on trading decisions made by the Beeland Management apart from balancing positions to track the Index. In periods of general market inflation, Beeland Management would expect the value of the Index to increase; similarly, in periods of general market deflation, Beeland Management would expect the value of the Index to decrease. The Partnership’s performance may be negative in years when the Index’s performance is positive due to fees charged.

The components of the Partnership’s return are normally the gains and losses recognized from the changes in futures market prices and the interest income earned on cash balances. The mechanics and rules of futures markets allow the Partnership to earn interest on approximately 90% to 100% of its assets.

At March 31, 2012 and December 31, 2011, the Partnership’s net assets were $33,732,895 and $34,885,591, respectively.

17

	Three months ended March 31, 2012			Three months ended March 31, 2011
Net Revenues
Realized net trading gains	$	1,351,882		$	6,979,144
Unrealized trading gains (losses)		477,292			(2,215,838	)
Interest income		10,133			18,994
Commissions		(20,810	)		(24,464	)
Other income		—			5,435
Total Net Revenues	$	1,818,497		$	4,763,271
Operating Expenses
Management fees		88,757			127,132
Administrative fees and other expenses		190,947			212,320
Total Operating Expenses		279,704			339,452
Net Income	$	1,538,793		$	4,423,819

The Partnership pays various fees and expenses on a continuing basis which include management fees, servicing fees, and brokerage commission and transaction fees.

Results of Operations

2012

The Partnership posted a gain of 3.16% in January. The performance for all of the Index’s sectors was positive. The metals, agriculture and energy sectors posted gains of 2.62%, .40% and .35%, respectively. The best performing commodities this month were tin, silver, rubber, orange juice and zinc. The highest grossing commodities were brent crude, aluminum, silver, copper and gold.

The Partnership posted a gain of 4.13% in February. The performance for all of the Index’s sectors was positive. The energy, agriculture and metals sectors posted gains of 3.65%, .56% and .22%, respectively. The best performing commodities this month were brent crude, soybean meal, canola, soybeans and light crude. The highest grossing commodities were light crude, brent crude, soybeans, RBOB gasoline and sugar.

The Partnership posted a net loss of -2.84% in March. The performance for all of the Index’s sectors was negative. The agriculture, metals and energy sectors posted losses of -1.29%, -1.01% and -.26%, respectively. The best performing commodities this month were soybean meal, oats, canola, Euro rapeseed and soybeans. The highest grossing commodities were soybeans, brent crude, cotton, soybean meal and canola.

2011

The Partnership posted a net gain of 2.93% in January. Performance of the index’s sectors was mixed. The agriculture and energy sectors posted gains of 1.97% and 1.22%, respectively, while the metals sector posted a loss of -0.04%. The best performing commodities this month were cotton, rubber, tin, lean hogs, and greasy wool. The highest grossing commodities were brent crude, cotton, wheat, corn, and rubber.

The Partnership posted a gain of 3.65% in February. The performance for all of the Index’s sectors was positive. The energy, metals, and agriculture sectors posted gains of 2.37%, 0.96%, and 0.48%, respectively. The best performing commodities this month were silver, cotton, gas oil, brent crude, and coffee. The highest grossing commodities were brent crude, cotton, light crude, corn, and silver.

18

The Partnership posted a gain of 2.14% in March. The performance for the Index’s sectors was mixed. The energy sector posted a gain of 2.98%, while the agriculture and metals sectors posted losses of -0.62% and -0.03%, respectively. The best performing commodities this month were silver, greasy wool, light crude, natural gas, and RBOB gasoline. The highest grossing commodities were light crude, brent crude, silver, natural gas, and RBOB gasoline.

OFF-BALANCE SHEET RISK

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Partnership trades primarily in futures and exchange traded forward contracts and may therefore become a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the open positions of the Partnership at the same time, the Partnership could experience substantial losses.

In addition to market risk, in entering into futures, exchange-traded forward, or over the counter contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Partnership. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions. In off-exchange transactions, traders must rely solely on the credit of their counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and counterparties may require collateral in the over-the-counter markets.

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE PARTNERSHIP’S POSITIONS

The General Partner believes that the accounting policies that are most critical to the Partnership’s financial condition and results of operations relate to the valuation of the Partnership’s positions. The majority of the Partnership’s positions are exchange-traded futures contracts, which are valued daily at settlement prices published by the exchanges. Any spot or forward foreign currency contracts held by the Partnership are also valued at published daily settlement prices or at dealers’ quotes. Thus, the General Partner expects that under normal circumstances substantially all of the Partnership’s assets will be valued on a daily basis using objective measures.

OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not engage in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

The Partnership does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business is trading futures, exchange-traded commodity forward, and, possibly, commodity related over the counter contracts. All such contracts are settled by offset, not delivery. The Partnership’s Financial Statements, included in this report, present an Schedule of Investments setting forth unrealized gain and unrealized loss on the Partnership’s open futures contracts at March 31, 2012 (unaudited) and December 31, 2011.

19

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of Beeland Management have evaluated the effectiveness of Beeland Management’s disclosure controls and procedures with respect to the Partnership as of the end of the fiscal quarter for which this Quarterly Report on Form 10-Q is being filed and have concluded that Beeland Management has effective disclosure controls and procedures to ensure that material information relating to the Partnership is made known to them by others within Beeland Management, particularly during the period in which this quarterly report is being prepared. There have been no significant changes in Beeland Management’s internal controls over financial reporting with respect to the Partnership that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Beeland Management’s internal controls over financial reporting with respect to the Partnership.

20

PART II-OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

(c) Pursuant to the Partnership’s Limited Partnership Agreement, investors may redeem their units at the end of each calendar month at the then current month-end net asset value per unit. The redemption of units has no impact on the value of units that remain outstanding, and units are not reissued once redeemed.

The following tables summarize the redemptions by investors during the three months ended March 31, 2012:

Series A

Month:	Units Redeemed:			NAV per Unit ($):
January 31, 2012		(3,462.96	)	$	174.91
February 29, 2012		(3,833.09	)	$	182.13
March 31, 2012		(8,113.39	)	$	176.97

Series B

Month:	Units Redeemed:			NAV per Unit ($):
January 31, 2012		(6.18	)	$	172.20
February 29, 2012		—		$	179.29
March 31, 2012		(5.51	)	$	174.20

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. (Removed and Reserved)

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

31.01 Rule 13a-14(a)/15d-14(a) Certification

21

31.02	Rule 13a-14(a)/15d-14(a) Certification
32.01	Section 1350 Certification
32.02	Section 1350 Certification
101.00	The following financial information from our Quarterly Report on Form 10-Q for the first quarter of 2012, filed with the SEC on May 15, 2012, formatted in Extensible Business Reporting Language (XBRL): (i) the Statements of Financial Condition as of March 31, 2012 (unaudited) and December 31, 2011, (ii) the Condensed Schedule of Investments as of March 31, 2012 (unaudited) and December 31, 2011 (iii) the Unaudited Statements of Operations for the three months ended March 31, 2012 and March 31, 2011, (iii) the Unaudited Statements of Changes in Partners’ Capital (Net Assets) the three months ended March 31, 2012 and March 31, 2011, and (iv) Notes to Unaudited Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 15, 2012.

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.         (Registrant)
By: Beeland Management Company, L.L.C.        General Partner
By:	/s/ Walter Thomas Price III
	Walter Thomas Price III Managing Member (Principal Executive Officer)
By:	/s/ Allen D. Goodman
	Allen D. Goodman Managing Member (Principal Financial and Accounting Officer)

22

EX-31.01

EXHIBIT 31.01

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Walter Thomas Price III, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rogers International Raw Materials Fund, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2012

By: /s/ Walter Thomas Price III

Walter Thomas Price III

Managing Member (Principal Executive Officer)

Beeland Management Company, L.L.C.

General Partner of Rogers International Raw Materials Fund, L.P.

E-1

EX-31.02

EXHIBIT 31.02

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL PRINCIPAL FINANCIAL OFFICER

I, Allen D. Goodman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rogers International Raw Materials Fund, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2012

By: /s/ Allen D. Goodman

Allen D. Goodman

Managing Member (Principal Financial and Accounting Officer)

Beeland Management Company, L.L.C.

General Partner of Rogers International Raw Materials Fund, L.P.

E-2

EX-32.01

EXHIBIT 32.01

CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Walter Thomas Price III, a Managing Member of Beeland Management Company, L.L.C., the General Partner of Rogers International Raw Materials Fund, L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ended March 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: May 15, 2012

By: /s/ Walter Thomas Price III

Walter Thomas Price III

Managing Member (Principal Executive Officer)

Beeland Management Company, L.L.C.

General Partner of Rogers International Raw Materials Fund, L.P.

E-3

EX-32.02

EXHIBIT 32.02

CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Allen D. Goodman, a Managing Member of Beeland Management Company, L.L.C., the General Partner of Rogers International Raw Materials Fund, L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ended March 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: May 15, 2012

By: /s/ Allen D. Goodman

Allen D. Goodman

Managing Member (Principal Financial and Accounting Officer)

Beeland Management Company, L.L.C.

General Partner of Rogers International Raw Materials Fund, L.P.

E-4

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 2. Fair Value Measurements:

As described in Note 1, the Partnership records its investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies.

Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

The fair values of exchange traded futures contracts are based upon exchange settlement prices. Money market funds included in cash and cash equivalents are valued using quoted market prices. U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted prices for identical assets in an active market. These financial instruments are categorized in Level 1 of the fair value hierarchy.

The following table summarizes the Partnership's assets measured at fair value on a recurring basis as of March 31, 2012 and December 31, 2011 using the fair value hierarchy:

	March 31, 2012			December 31, 2011
Description	Level 1			Level 1
Equity in brokers trading account:
Unrealized loss on open futures contracts, net*	$	(382,929	)	$	(860,221	)
U.S. Government securities*		28,169,892			27,673,158
Cash and cash equivalents
Money market funds		146,538			2,409,216
Total assets at fair value	$	27,933,501		$	29,222,153

* See condensed schedules of investments for further description.

At March 31, 2012 and December 31, 2011 and for the three months ended March 31, 2012 and 2011 there were no Level 2 or Level 3 assets or liabilities.

In addition, substantially all of the Partnership's other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Note 1. Significant Accounting Policies:

Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures and forward contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the "long side" of the market. The Partnership's investment strategy is designed to replicate the Rogers International Commodity Index ^® (the "Index") and positions are rebalanced monthly to maintain the Index's relative weightings. James B. Rogers designed the Index.

The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as "Series A" units, and offered Series A units through October 2005. The Partnership began offering Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership's General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the "General Partner").

Accounting Policies: The Partnership follows Generally Accepted Accounting Principles ("GAAP"), as established by the Financial Accounting Standards Board ("FASB"), to ensure consistent reporting of financial condition and results of operation.

Net Assets: The valuation of net assets includes open commodity futures contracts owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on closing prices on the last business day of each month. Net asset value is determined by subtracting liabilities from assets, which also equals partners' capital.

Cash and Cash Equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents represent amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals.

Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded at fair value.

Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers.

Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.

Interest Income Recognition: The Partnership records interest income on the accrual basis.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Partnership's estimate regarding the carrying value of its receivable from MF Global, Inc. (Note 4) is a significant estimate and due to the uncertainty of future events, this estimate could change in the near term.

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses.

Ongoing Offering Expenses: Ongoing offering expenses are accrued on an ongoing basis and charged to expense as incurred.

Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership's income and expenses as reported for income tax purposes.

The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2008. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through March 31, 2012.

Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held.

Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 6).

Statement of Cash Flows: The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

-During the year, substantially all of the Partnership's investments were highly liquid;

-Substantially all of the Partnership's investments are carried at fair value;

-The Partnership had little or no debt during the year;

-The Partnership's financial statements include a statement of changes in partners' capital (net assets).

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Statements Of Financial Condition (USD $)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash at brokers	$ 5,869,185	$ 5,387,385
Unrealized gain/(loss) on open futures contracts, net	(382,929)	(860,221)
Total equity in brokers trading accounts	5,486,256	4,527,164
U.S. Government securities, at fair value	28,169,892	27,673,158
Cash and cash equivalents	184,313	2,899,515
Receivable from MF Global (Note 4)	1,841,003	1,825,854
Total assets	35,681,464	36,925,691
LIABILITIES
Brokerage commissions payable	4,356	4,357
Accrued management fees - General Partner	30,163	31,147
Administrative and other fees payable	246,051	214,855
Subscriptions received in advance	5,000
Withdrawals payable	1,662,999	1,789,741
Total liabilities	1,948,569	2,040,100
PARTNERS' CAPITAL (NET ASSETS)
Partners' capital (net assets)	33,732,895	34,885,591
Total liabilities and partners' capital (net assets)	$ 35,681,464	$ 36,925,691

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Statements Of Changes In Partners' Capital (Net Assets) (USD $)	General Partner [Member]	Limited Partners Series A [Member]	Limited Partners Series B [Member]	Limited Partner [Member]	Total
Partners' capital (net assets) at Dec. 31, 2010	$ 770,838	$ 48,829,926	$ 339,077	$ 49,169,003	$ 49,939,841
Partners' capital (net assets), units at Dec. 31, 2010	4,034	255,561	1,780
Contributions			247,893	247,893	247,893
Contributions, units			1,269
Net income	69,160	4,308,803	45,856	4,354,659	4,423,819
Withdrawals		(2,816,566)		(2,816,566)	(2,816,566)
Withdrawals, units		(13,874)
Partners' capital (net assets) at Mar. 31, 2011	839,998	50,322,163	632,826	50,954,989	51,794,987
Partners' capital (net assets), units at Mar. 31, 2011	4,034	241,687	3,049
Partners' capital (net assets) at Dec. 31, 2011	584,022	33,611,272	690,297	34,301,569	34,885,591
Partners' capital (net assets), units at Dec. 31, 2011	3,444	198,238	4,135
Contributions			50,176	50,176	50,176
Contributions, units			290
Net income	27,206	1,481,124	30,463	1,511,587	1,538,793
Withdrawals	(200,000)	(2,539,642)	(2,023)	(2,541,665)	(2,741,665)
Withdrawals, units	(1,120)	(14,289)	(11)
Partners' capital (net assets) at Mar. 31, 2012	$ 411,228	$ 32,552,754	$ 768,913	$ 33,321,667	$ 33,732,895
Partners' capital (net assets), units at Mar. 31, 2012	2,324	183,949	4,414

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Statements Of Changes In Partners' Capital (Net Assets) (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
General Partner [Member]
Net asset value per unit	$ 176.97	$ 208.21
Limited Partners Series A [Member]
Net asset value per unit	$ 176.97	$ 208.21
Limited Partners Series B [Member]
Net asset value per unit	$ 174.20	$ 207.49

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Condensed Schedule Of Investments (USD $)	Mar. 31, 2012		Dec. 31, 2011
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	$ (382,929)		$ (860,221)
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Fair Value	28,169,892		27,673,158
Percent of Partners' Capital (Net Assets)	83.51%	[1]	79.33%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 2/9/2012 At 0.19%, Principal Amount $2,510,000 [Member]
Schedule of Investments [Line Items]
Fair Value			2,509,478
Percent of Partners' Capital (Net Assets)			7.19%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 3/8/2012 At 0.26%, Principal Amount $2,330,000 [Member]
Schedule of Investments [Line Items]
Fair Value			2,328,863
Percent of Partners' Capital (Net Assets)			6.68%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 4/5/2012 At 0.20%, Principal Amount $3,300,000 [Member]
Schedule of Investments [Line Items]
Fair Value	3,299,910		3,298,273
Percent of Partners' Capital (Net Assets)	9.78%	[1]	9.45%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 5/3/2012 At 0.08%, Principal Amount $4,070,000 [Member]
Schedule of Investments [Line Items]
Fair Value	4,069,695		4,068,855
Percent of Partners' Capital (Net Assets)	12.05%	[1]	11.66%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 5/31/2012 At 0.18%, Principal Amount $3,678,000 [Member]
Schedule of Investments [Line Items]
Fair Value	3,676,882		3,675,215
Percent of Partners' Capital (Net Assets)	10.90%	[1]	10.54%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 6/28/2012 At 0.17%, Principal Amount $3,300,000 [Member]
Schedule of Investments [Line Items]
Fair Value	3,298,654		3,297,278
Percent of Partners' Capital (Net Assets)	9.78%	[1]	9.45%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 7/26/2012 At 0.06%, Principal Amount $2,000,000 [Member]
Schedule of Investments [Line Items]
Fair Value	1,999,617		1,999,319
Percent of Partners' Capital (Net Assets)	5.93%	[1]	5.73%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 8/23/2012 At 0.09%, Principal Amount $3,400,000 [Member]
Schedule of Investments [Line Items]
Fair Value	3,398,800		3,398,046
Percent of Partners' Capital (Net Assets)	10.09%	[1]	9.74%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 10/18/2012 At 0.10%, Principal Amount $1,000,000 [Member]
Schedule of Investments [Line Items]
Fair Value			999,213
Percent of Partners' Capital (Net Assets)			2.87%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 7/12/2012 At 0.09%, Principal Amount $2,000,000 [Member]
Schedule of Investments [Line Items]
Fair Value	1,999,503
Percent of Partners' Capital (Net Assets)	5.93%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 9/20/2012 At 0.09%, Principal Amount $2,100,000 [Member]
Schedule of Investments [Line Items]
Fair Value	2,099,094		2,098,618
Percent of Partners' Capital (Net Assets)	6.22%	[1]	6.02%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 10/18/2012 At 0.10%, Principal Amount $1,000,000 [Member]
Schedule of Investments [Line Items]
Fair Value	999,458
Percent of Partners' Capital (Net Assets)	2.96%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 10/18/2012 At 0.12%, Principal Amount $2,000,000 [Member]
Schedule of Investments [Line Items]
Fair Value	1,998,682
Percent of Partners' Capital (Net Assets)	5.93%	[1]
U.S. Government Securities [Member] | U.S. Treasury Bills Due 11/15/2012 At 0.05%, Principal Amount $1,330,000 [Member]
Schedule of Investments [Line Items]
Fair Value	1,329,597
Percent of Partners' Capital (Net Assets)	3.94%	[1]
Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	(382,929)		(860,221)
Percent of Partners' Capital (Net Assets)	(1.13%)	[1]	(2.47%)	[1]
Futures Contracts [Member] | U.S. Futures Positions [Member]
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	(119,667)		(644,565)
Percent of Partners' Capital (Net Assets)	(0.35%)	[1]	(1.85%)	[1]
Futures Contracts [Member] | U.S. Futures Positions [Member] | Agricultural [Member]
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	51,435		(235,456)
Percent of Partners' Capital (Net Assets)	0.15%	[1]	(0.68%)	[1]
Futures Contracts [Member] | U.S. Futures Positions [Member] | Metals [Member]
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	(82,580)		(227,120)
Percent of Partners' Capital (Net Assets)	(0.24%)	[1]	(0.65%)	[1]
Futures Contracts [Member] | U.S. Futures Positions [Member] | Energy [Member]
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	(88,522)		(181,989)
Percent of Partners' Capital (Net Assets)	(0.26%)	[1]	(0.52%)	[1]
Futures Contracts [Member] | Foreign Futures Positions [Member]
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	(263,262)		(215,656)
Percent of Partners' Capital (Net Assets)	(0.78%)	[1]	(0.62%)	[1]
Futures Contracts [Member] | Foreign Futures Positions [Member] | Agricultural [Member]
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	20,917		35,348
Percent of Partners' Capital (Net Assets)	0.06%	[1]	0.10%	[1]
Futures Contracts [Member] | Foreign Futures Positions [Member] | Metals [Member]
Schedule of Investments [Line Items]
Unrealized Gain (Loss) on Open Long Futures Contracts, Net	$ (284,179)		$ (251,004)
Percent of Partners' Capital (Net Assets)	(0.84%)	[1]	(0.72%)	[1]

[1] No individual futures contract position constitutes greater than 1 percent of Partners' Capital (Net Assets).

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Indemnifications

3 Months Ended

Mar. 31, 2012

Indemnifications [Abstract]

Indemnifications

Note 10. Indemnifications:

In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties, both of which provide general indemnifications. The Partnership's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Entity Registrant Name	ROGERS INTERNATIONAL RAW MATERIALS FUND LP
Entity Central Index Key	0001118384
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

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Interim Financial Statements

3 Months Ended

Mar. 31, 2012

Interim Financial Statements [Abstract]

Interim Financial Statements

Note 11. Interim Financial Statements:

The statements of financial condition, including the condensed schedule of investments, as of March 31, 2012, the statement of operations and changes in partners' capital (net assets) for the three months ended March 31, 2012 and 2011 and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of the General Partner, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of the financial position as of March 31, 2012, results of operations and changes in partner's capital (net assets) for the three months ended March 31, 2012 and 2011. The results of operation for three months ended March 31, 2012 and 2011 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Partnership's Form 10-K as filed with the SEC.

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Condensed Schedule Of Investments (Parenthetical) (U.S. Government Securities [Member], USD $)	Mar. 31, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Total Cost	$ 28,147,025	$ 27,649,960
U.S. Treasury Bills Due 2/9/2012 At 0.19%, Principal Amount $2,510,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield		0.19%
Face Value		2,510,000
U.S. Treasury Bills Due 3/8/2012 At 0.26%, Principal Amount $2,330,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield		0.26%
Face Value		2,330,000
U.S. Treasury Bills Due 4/5/2012 At 0.20%, Principal Amount $3,300,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.20%	0.20%
Face Value	3,300,000	3,300,000
U.S. Treasury Bills Due 5/3/2012 At 0.08%, Principal Amount $4,070,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.08%	0.08%
Face Value	4,070,000	4,070,000
U.S. Treasury Bills Due 5/31/2012 At 0.18%, Principal Amount $3,678,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.18%	0.18%
Face Value	3,678,000	3,678,000
U.S. Treasury Bills Due 6/28/2012 At 0.17%, Principal Amount $3,300,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.17%	0.17%
Face Value	3,300,000	3,300,000
U.S. Treasury Bills Due 7/12/2012 At 0.09%, Principal Amount $2,000,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.09%
Face Value	2,000,000
U.S. Treasury Bills Due 7/26/2012 At 0.06%, Principal Amount $2,000,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.06%	0.06%
Face Value	2,000,000	200,000
U.S. Treasury Bills Due 8/23/2012 At 0.09%, Principal Amount $3,400,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.09%	0.09%
Face Value	3,400,000	3,400,000
U.S. Treasury Bills Due 9/20/2012 At 0.09%, Principal Amount $2,100,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.09%	0.09%
Face Value	2,100,000	2,100,000
U.S. Treasury Bills Due 10/18/2012 At 0.10%, Principal Amount $1,000,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.10%	0.10%
Face Value	1,000,000	1,000,000
U.S. Treasury Bills Due 10/18/2012 At 0.12%, Principal Amount $2,000,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.12%
Face Value	2,000,000
U.S. Treasury Bills Due 11/15/2012 At 0.05%, Principal Amount $1,330,000 [Member]
Schedule of Investments [Line Items]
Treasury Bill Effective Yield	0.05%
Face Value	$ 1,330,000

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Agreements And Related-Party Transactions

3 Months Ended

Mar. 31, 2012

Agreements And Related-Party Transactions [Abstract]

Agreements And Related-Party Transactions

Note 5. Agreements and Related-Party Transactions:

The Limited Partnership Agreement vests all responsibility and powers for the management of the business and affairs of the Partnership with the General Partner, Beeland Management Company, L.L.C., including trading decisions.

The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the net assets of the Partnership at the close of the preceding month (1.00% per annum).

The Partnership is responsible for the administrative and trading expenses related to its operations. The General Partner may incur certain expenses on behalf of the Partnership and charge the Partnership for its allocable portion of these expenses.

Uhlmann Price Securities L.L.C. ("Uhlmann"), a party related to the General Partner by reason of common management, acts as the selling group manager for the Partnership. The Partnership pays Uhlmann a share of selling fees when units are sold by its registered brokers. Selling fees of up to 2% of the gross offering proceeds (which includes a 0.50% reallowance to Uhlmann) are charged to partners' capital upon issuance of Series B Partnership units.

In addition, there is an annual trailing servicing fee of up to 1% of the net asset value of the specific partner's capital account payable to the soliciting broker-dealer for ongoing investor services. For all Series B units sold, the total trailing servicing fee is not to exceed 7.99% of the gross offering proceeds of the units sold.

The Price Futures Group, Inc. ("PFG"), a related party to the General Partner through common management, acts as the introducing broker for the Partnership, whereby certain accounts of the Partnership are introduced to the Partnership's clearing broker. A portion of the brokerage fee paid by the Partnership for clearing transactions is paid to PFG by the clearing broker.

Fund Dynamics, LLC, an affiliate of the General Partner through common management, acts as the Partnership's administrator. Fund Dynamics, LLC calculates both the daily and monthly Net Asset Value ("NAV"), prepares the monthly accounting package, and prepares monthly investor statements.

A summary of fees charged by related parties to the Partnership is as follows:

	Three months ended		Three months ended
	March 31, 2012		March 31, 2011
Management fees – General Partner	$	88,757	$	127,132
Administrative fees – Fund Dynamics		20,386		28,008
Trailing servicing fees – Uhlmann		57,486		81,438
Selling Fees – Uhlmann		1,024		6,356

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Receivable From MF Global

3 Months Ended

Mar. 31, 2012

Receivable From MF Global [Abstract]

Receivable From MF Global

Note 4. Receivable from MF Global:

On October 31, 2011, MF Global Holdings Ltd., the parent company of MF Global Inc., then the Partnership's futures commission merchant, filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. The Securities and Exchange Commission and CFTC agreed that a bankruptcy led by the Securities Investor Protection Corporation ("SIPC") of MF Global Inc. would be the safest and most prudent course of action to protect customer accounts and assets and SIPC initiated the liquidation of MF Global Inc. under the Securities Investor Protection Act. As of October 31, 2011, the Partnership held $5,131,353 or approximately 12.6% of partners' capital in customer segregated and secured accounts at MF Global Inc. The CFTC has stated that there is a shortfall in customer segregated accounts held by MF Global Inc., and the true extent of such shortfall remains unknown. Although some assets have been transferred from MF Global Inc. to the Partnership's new futures commission merchant, ADM Investors Services, Inc., as of March 31, 2012, the General Partner believes that a portion of the Partnership's assets are, and may remain for some time, illiquid, but does not have sufficient information to estimate accurately how long such assets may be unavailable to the Partnership or the percentage of assets that may not be recovered, if any. Through March 31, 2012, this receivable was reduced by $2,159,648 comprised of disbursements initiated by the bankruptcy trustee, as well as other trading related activities. The Company has filed appropriate claims with the bankruptcy trustee for remaining amounts due (the MF Global Claim). However, due to the inherent uncertainty in the timing and results of the liquidation process from the bankruptcy proceedings, the Partnership recognized a 2.78% (or $1,130,702) loss in 2011 on the MF Global Claim, which is an estimate of the Partnership's pro-rata share of the projected MF Global Inc. asset shortfall. At March 31, 2012 and December 31, 2011, reflected on the Statements of Financial Condition, the receivable from MF Global Inc. was $1,841,003 and $1,825,854, respectively. The amount of the receivable from MF Global, Inc. increased from December 31, 2011 to March 31, 2012 by $15,149 due to foreign currency conversions recorded in January 2012. The increase is included in the trading gains/losses on the Statement of Operations as of March 31, 2012.

The remaining receivable from MF Global Inc. of $1,841,003 is estimated by management based upon information provided by the bankruptcy trustee as well as independent third party bids to purchase the MF Global Claim, and may be subject to change in the near term. Such change could be material to the presentation of the statement of financial condition. In addition, the Partnership is withholding approximately 5% of the proceeds of redemptions attributable to Partnership assets, for which a loss was not taken and that are encumbered in the MF Global liquidation subject to a claims recovery process to be administered by the liquidation Trustee, pending completion of the MF Global liquidation or the receipt by the Partnership of the full amount of its claims.

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Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events:

Subsequent to March 31, 2012, there were $20,000 of contributions and withdrawals totaled approximately $1,666,670.

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Financial Highlights

3 Months Ended

Mar. 31, 2012

Financial Highlights [Abstract]

Financial Highlights

Note 8. Financial Highlights:

Financial highlights for limited partners for the three months ended March 31, 2012 and 2011 are as follows:

Per Unit Performance

	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	March 31, 2012			March 31, 2012			March 31, 2011			March 31, 2011
Net asset value per unit at the beginning of the period	$	169.55		$	166.92		$	191.07		$	190.44
Income (loss) from operations:
Net trading gains (losses)		8.77			8.62			18.37			18.43
Investment income:		0.05			0.05			0.10			0.08
Expenses:		(1.40	)		(1.39	)		(1.33	)		(1.46	)
Net investment gain (loss)		(1.35	)		(1.34	)		(1.23	)		(1.38	)
Net income (loss) per unit		7.42			7.28			17.14			17.05
Net asset value per unit at the end of the period	$	176.97		$	174.20		$	208.21		$	207.49
	Series A			Series B			Series A			Series B
	Three months ended			Three months ended			Three months ended			Three months ended
	March 31, 2012			March 31, 2012			March 31, 2011			March 31, 2011
Ratio of net investment loss to average partners' capital (net assets)(1)		(3.32	%)		(3.32	%)		(2.47	%)		(2.74	%)
Ratio of expenses to average partners' capital (net assets) (1)(2)		3.20	%		3.20	%		2.66	%		2.90	%
Total return (3)		4.38	%		4.36	%		8.97	%		8.95	%

The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner's capital account, which may vary from these ratios based on the timing of capital transactions (see Note 5).

⁽¹⁾  Annualized.

⁽²⁾ The ratio of expenses to average partners' capital (net asset) values does not include brokerage commissions.

⁽³⁾  Not annualized.

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Partnership Capital And Withdrawals

3 Months Ended

Mar. 31, 2012

Partnership Capital And Withdrawals [Abstract]

Partnership Capital And Withdrawals

Note 6. Partnership Capital and Withdrawals:

The Partnership accepts contributions as of the close of business on the last business day of each month for investment on the first day of the next succeeding month. The General Partner may accept or reject contributions and waive the minimum contribution amounts in its sole discretion.

Effective November 1, 2010, the Partnership began accepting contributions for Series B units. The Partnership has been closed to Series A units contributions since October 31, 2005.

The purchase price of a unit is the net asset value per unit as of the end of each calendar month. Net asset value per unit is calculated as the net asset value at month-end divided by the number of outstanding units.

The Partnership accepts withdrawals on a monthly basis. Requests for withdrawal should be received by the General Partner no later than six business days prior to the end of the month in which an investor chooses to withdraw. Requests for withdrawal should be sent to the General Partner by email, fax, or overnight courier.

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Financial Instruments With Off-Balance Sheet Credit And Market Risk

3 Months Ended

Mar. 31, 2012

Financial Instruments With Off-Balance Sheet Credit And Market Risk [Abstract]

Financial Instruments With Off-Balance Sheet Credit And Market Risk

Note 7. Financial Instruments with Off-Balance Sheet Credit and Market Risk:

The Partnership is involved in trading activities that may have market and/or credit risk. Financial instruments employed in the Partnership's operations may have market and/or credit risk in excess of the amounts recorded in the statement of financial condition.

Market Risk—Market risks arise from changes in the market value of financial instruments. Theoretically, the Partnership's exposure is equal to the notional contract value of futures contracts entered. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded.

Credit Risk—Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership's exposure to credit risk associated with counterparty nonperformance is generally the net unrealized gain on the open positions plus the value of the margin or collateral held by the counterparty. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges. Financial instruments traded off-exchange give rise to the risk of the failure of, or the inability or refusal to perform by, the counterparties to such trades.

Concentration of Credit Risk—The Partnership clears all of its futures trades through one clearing broker, ADM Investor Services, Inc. In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends on the creditworthiness of the counterparties to these transactions.

The Partnership has a substantial portion of its assets on deposit with financial institutions in connection with its cash management activities. In the event of a financial institution's insolvency, recovery of the Partnership's assets on deposit may be limited to the amount of insurance or other protection afforded such deposits.

The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the clearing broker and financial institutions.

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Litigation

3 Months Ended

Mar. 31, 2012

Litigation [Abstract]

Litigation

Note 9. Litigation:

The Partnership is a beneficiary of a Litigation Trust which is seeking recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the "Refco Bankruptcy"). As of March 31, 2012, the Partnership has received the full value of its allowed claims in the Refco Bankruptcy and has recovered approximately $4.8 million in excess of its allowed securities claim in the Refco Bankruptcy and may receive additional Refco Bankruptcy related recoveries, although there can be no assurance that it will or that any additional recoveries will be material. Management is unable to estimate the amounts of any such additional recoveries.

All Refco Bankruptcy related recoveries received by the Partnership, including excess recoveries except as described below, have been allocated among all partners in the Partnership who were partners as of October 31, 2005, on a pro-rata basis as October 31, 2005, with redeemed partners receiving cash distributions. Cash distributions to redeemed partners from excess recoveries totaled approximately $1,065,000 for the year ended December 31, 2011. No excess distributions have been made in 2012. Pursuant to Section 12.2 of the Partnership's Agreement of Limited Partnership, the Partnership reimbursed the General Partner and James B. Rogers approximately $400,000 and $428,000, respectively, from excess recoveries for legal costs incurred by the General Partner and James B. Rogers defending against suits related to the Refco Bankruptcy in 2010 and 2009. There are no fees due under these arrangements as of March 31, 2012 and December 31, 2011, respectively.

The Partnership has reserved $30,000 of the excess Refco related recoveries to apply to expenses incurred to administer ongoing communication with, and distributions and reporting to, redeemed limited partners with respect to Refco related recoveries received by the Partnership. These expenses include but are not limited to professional fees, printing, postage, and administration fees. At March 31, 2012, $23,302 of these expenses is included in administrative and other fees payable on the statement of financial condition.

At March 31, 2012 and December 31, 2011, no excess Refco related recoveries were payable to redeemed limited partners.

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Statements Of Operations (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net trading gains (losses):
Realized	$ 1,351,882	$ 6,979,144
Change in unrealized	477,292	(2,215,838)
Commissions	(20,810)	(24,464)
Total trading gains (losses)	1,808,364	4,738,842
Investment income:
Interest income	10,133	18,994
Other income		5,435
Total investment income	10,133	24,429
Expenses:
Management fees - General Partner	88,757	127,132
Administrative fees and other expenses	190,947	212,320
Total Expenses	279,704	339,452
Net investment loss	(269,571)	(315,023)
Net income	1,538,793	4,423,819
General Partner [Member]
Expenses:
Net income	27,206	69,160
Net increase in NAV per GP and LP unit:
Net increase (decrease) in NAV per Unit	$ 7.42	$ 17.14
Net income per General and Limited Partners (based on weighted average number of units outstanding during the period):
Net income (loss) per General Partners	27,206	69,160
Limited Partners Series A [Member]
Expenses:
Net income	1,481,124	4,308,803
Net increase in NAV per GP and LP unit:
Net increase (decrease) in NAV per Unit	$ 7.42	$ 17.14
Net income per General and Limited Partners (based on weighted average number of units outstanding during the period):
Net income (loss) per Limited Partners	1,481,124	4,308,803
Limited Partners Series B [Member]
Expenses:
Net income	30,463	45,856
Net increase in NAV per GP and LP unit:
Net increase (decrease) in NAV per Unit	$ 7.28	$ 17.05
Net income per General and Limited Partners (based on weighted average number of units outstanding during the period):
Net income (loss) per Limited Partners	$ 30,463	$ 45,856

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Derivative Transactions

3 Months Ended

Mar. 31, 2012

Derivative Transactions [Abstract]

Derivative Transactions

Note 3. Derivative Transactions

Qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements are presented.

The Partnership's business is the speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

As of March 31, 2012 and December 31, 2011 and for the three months ended March 31, 2012 and 2011, the Partnership's derivative contracts had the following impact on the statements of financial condition and statements of operations:

	Asset Derivatives		Liability Derivatives			Net Derivatives
	March 31, 2012		March 31, 2012			March 31, 2012
	Fair Value		Fair Value			Fair Value*
Agricultural	$	261,910	$	(189,558	)	$	72,352
Metals		317,549		(684,308	)		(366,759	)
Energy		18,624		(107,146	)		(88,522	)
Totals	$	598,083	$	(981,012	)	$	(382,929	)

* The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition.

	Asset Derivatives		Liability Derivatives			Net Derivatives
	December 31, 2011		December 31, 2011			December 31, 2011
	Fair Value		Fair Value			Fair Value*
Futures positions:
Agricultural	$	191,448	$	(391,556	)	$	(200,108	)
Metals		118,572		(596,696	)		(478,124	)
Energy		11,034		(193,023	)		(181,989	)
Totals	$	321,054	$	(1,181,275	)	$	(860,221	)

* The net fair value of all asset and liability derivative is included in equity in broker trading accounts in the statements of financial condition.

Trading revenue for the three months ended March 31, 2012 and 2011:

	Three months ended		Three months ended
Type of Contract	March 31, 2012		March 31, 2011
Agricultural	$	253,170	$	952,419
Metals		627,934		450,062
Energy		948,070		3,360,825
	$	1,829,174	$	4,763,306
	Three months ended		Three months ended
	March 31, 2012		March 31, 2011
Line Item in Statements of Operations
Realized	$	1,351,882	$	6,979,144
Change in unrealized		477,292		(2,215,838	)
	$	1,829,174	$	4,763,306

Trading income is exclusive of brokerage commissions.

For the three months ended March 31, 2012 and 2011, the monthly average number of contracts bought and sold was 1,071 and 1,208, respectively.