Fair Value Measurements |
Note 3 - Fair Value Measurements The Trust's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust's significant accounting policies in Note 2. The following table presents information about the Trust's assets and liabilities measured at fair value as of June 30, 2014 and December 31, 2013: June 30, 2014 | | | | | | | | | | | Balance as of | | Assets: | | Level 1 | | | Level 2 | | | Level 3 | | | June 30, 2014 | | Cash equivalents | | $ | 100,749,828 | | | $ | - | | | $ | - | | | $ | 100,749,828 | | Commodity futures contracts | | | | | | | | | | | | | | | | | Natural gas futures contracts | | | 75,120 | | | | - | | | | - | | | | 75,120 | | WTI crude oil futures contracts | | | 196,210 | | | | - | | | | - | | | | 196,210 | | Soybean futures contracts | | | 4,762 | | | | - | | | | - | | | | 4,762 | | Sugar futures contracts | | | - | | | | 17,405 | | | | - | | | | 17,405 | | Total | | $ | 101,025,920 | | | $ | 17,405 | | | $ | - | | | $ | 101,043,325 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of | | Liabilities: | | Level 1 | | | Level 2 | | | Level 3 | | | June 30, 2014 | | Commodity futures contracts | | | | | | | | | | | | | | | | | Corn futures contracts | | $ | 9,730,475 | | | $ | - | | | $ | - | | | $ | 9,730,475 | | Natural gas futures contracts | | | 8,400 | | | | - | | | | - | | | | 8,400 | | Soybean futures contracts | | | 178,962 | | | | - | | | | - | | | | 178,962 | | Sugar futures contracts | | | 12,141 | | | | - | | | | - | | | | 12,141 | | Wheat futures contracts | | | 1,177,874 | | | | 641,038 | | | | - | | | | 1,818,912 | | Total | | $ | 11,107,852 | | | $ | 641,038 | | | $ | - | | | $ | 11,748,890 | | | | | | | | | | | | | | | December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | | | Balance as of | | Assets: | | Level 1 | | | Level 2 | | | Level 3 | | | December 31, 2013 | | Cash equivalents | | $ | 58,707,245 | | | $ | - | | | $ | - | | | $ | 58,707,245 | | Commodity futures contracts | | | | | | | | | | | | | | | | | Natural gas futures contracts | | | 84,050 | | | | - | | | | - | | | | 84,050 | | WTI crude oil futures contracts | | | 87,530 | | | | - | | | | - | | | | 87,530 | | Total | | $ | 58,878,825 | | | $ | - | | | $ | - | | | $ | 58,878,825 | | | | | | | | | | | | | Balance as of | | Liabilities: | | Level 1 | | | Level 2 | | | Level 3 | | | December 31, 2013 | | Commodity futures contracts | | | | | | | | | | | | | | | | | Corn futures contracts | | $ | 4,884,788 | | | $ | - | | | $ | - | | | $ | 4,884,788 | | WTI crude oil futures contracts | | | 5,080 | | | | - | | | | - | | | | 5,080 | | Soybean futures contracts | | | 188,863 | | | | - | | | | - | | | | 188,863 | | Sugar futures contracts | | | 183,400 | | | | - | | | | - | | | | 183,400 | | Wheat futures contracts | | | 698,675 | | | | - | | | | - | | | | 698,675 | | Total | | $ | 5,960,806 | | | $ | - | | | $ | - | | | $ | 5,960,806 | | Transfers into and out of each level of the fair value hierarchy for the MAR16 Sugar Contracts, the NOV15 Soybean Contracts and the DEC15 Wheat Contracts, for the six months ended June 30, 2014 were as follows: | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | | into | | | out of | | | into | | | out of | | | into | | | out of | | | | Level 1 | | | Level 1 | | | Level 2 | | | Level 2 | | | Level 3 | | | Level 3 | | Assets (at fair value) | | | | | | | | | | | | | | | | | | | | | | | | | Derivative contracts | | | | | | | | | | | | | | | | | | | | | | | | | Sugar future contracts | | $ | - | | | $ | 17,405 | | | $ | 17,405 | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | | into | | | out of | | | into | | | out of | | | into | | | out of | | | | Level 1 | | | Level 1 | | | Level 2 | | | Level 2 | | | Level 3 | | | Level 3 | | Liabilities (at fair value) | | | | | | | | | | | | | | | | | | | | | | | | | Derivative contracts | | | | | | | | | | | | | | | | | | | | | | | | | Soybean future contracts | | $ | 12,075 | | | $ | 12,075 | | | $ | 12,075 | | | $ | 12,075 | | | $ | - | | | $ | - | | Wheat future contracts | | | - | | | | 641,038 | | | | 641,038 | | | | - | | | | - | | | | - | | Total | | $ | 12,075 | | | $ | 653,113 | | | $ | 653,113 | | | $ | 12,075 | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfers into and out of each level of the fair value hierarchy for the JUL13 Corn Contracts, NOV14 Soybean Contracts, FEB15 Sugar Contracts and the DEC14 Wheat Contracts, for the six months ended June 30, 2013 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | Transfers | | | | into | | | out of | | | into | | | out of | | | into | | | out of | | | | Level 1 | | | Level 1 | | | Level 2 | | | Level 2 | | | Level 3 | | | Level 3 | | Liabilities (at fair value) | | | | | | | | | | | | | | | | | | | | | | | | | Derivative contracts | | | | | | | | | | | | | | | | | | | | | | | | | Corn future contracts | | $ | 1,010,962 | | | $ | 1,010,962 | | | $ | 1,010,962 | | | $ | 1,010,962 | | | $ | - | | | $ | - | | Soybean future contracts | | | 6,850 | | | | 6,850 | | | | 6,850 | | | | 6,850 | | | | - | | | | - | | Sugar future contracts | | | - | | | | 62,082 | | | | 62,082 | | | | - | | | | - | | | | - | | Wheat future contracts | | | - | | | | 194,225 | | | | 194,225 | | | | - | | | | - | | | | - | | Total | | $ | 1,017,812 | | | $ | 1,274,119 | | | $ | 1,274,119 | | | $ | 1,017,812 | | | $ | - | | | $ | - | | |