Fair Value Measurements

9 Months Ended

Sep. 30, 2011

Teucrium Commodity Trust

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 September 30, 2011 and assets as of December 31, 2010:

September 30, 2011

							Balance
							as of
							September 30,
	Level 1		Level 2		Level 3		2011
Assets:
Cash equivalents	$	113,964,617	$	-	$	-	$	113,964,617

							Balance
							as of
							September 30,
	Level 1		Level 2		Level 3		2011
Liabilities:
Commodity futures contracts
Corn futures contracts	$	13,418,601	$	-	$	-	$	13,418,601
Natural gas futures contracts		169,170		-		-		169,170
WTI crude oil futures contracts		1,120,245		-		-		1,120,245
Soybean futures contracts		308,748		-		-		308,748
Sugar futures contracts		46,750		-		-		46,750
Wheat futures contracts		255,239		-		-		255,239
Total commodity futures contracts	$	15,318,753	$	-	$	-	$	15,318,753

December 31, 2010

							Balance
							as of
							December 31,
	Level 1		Level 2		Level 3		2010
Assets:
Cash equivalents	$	39,310,538	$	-	$	-	$	39,310,538
Corn futures contracts		5,178,219		-		-		5,178,219
Total	$	44,488,757	$	-	$	-	$	44,488,757

Transfers into and out of each level of the fair value hierarchy for the corn futures contracts valued using alternative verifiable sources due to a "limit-down" condition for the period January 1, 2011 through September 30, 2011 were as follows:

Transfers

into

out of

into

out of

into

out of

Level 1

Level 2

Level 3

Assets (at fair value)

Derivative contracts

Corn future contracts

9,140,288

Transfers

into

out of

into

out of

into

out of

Level 1

Level 2

Level 3

Liabilities (at fair value)

Derivative contracts

Corn future contracts

5,938,713

Teucrium Corn Fund

Fair Value Disclosures [Text Block]

Note 3 – Fair Value Measurements

The Corn Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Corn Fund’s significant accounting policies in Note 2. The following table presents information about the Corn Fund’s assets and liabilities measured at fair value as of September 30, 2011 and assets as of December 31, 2010:

							Balance
							as of
							September 30,
	Level 1		Level 2		Level 3		2011
Assets:
Cash equivalents	$	101,333,977	$	-	$	-	$	101,333,977

						Balance
						as of
						September 30,
	Level 1		Level 2	Level 3		2011
Liabilities:
Commodity futures contracts	$	13,418,601	$	$	-	$	13,418,601

							Balance
							as of
							December 31,
	Level 1		Level 2		Level 3		2010
Assets:
Cash equivalents	$	39,310,538	$	-	$	-	$	39,310,538
Commodity futures contracts		5,178,219		-		-		5,178,219
Total	$	44,488,757	$	-	$	-	$	44,488,757

Transfers

into

out of

into

out of

into

out of

Level 1

Level 2

Level 3

Assets (at fair value)

Derivative contracts

Corn future contracts

9,140,288

Transfers

into

out of

into

out of

into

out of

Level 1

Level 2

Level 3

Liabilities (at fair value)

Derivative contracts

Corn future contracts

5,938,713

Teucrium Natural Gas Fund

Fair Value Disclosures [Text Block]

Note 3 – Fair Value Measurements

The Fund’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund’s significant accounting policies in Note 2. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2011 (unaudited):

							Balance
Assets:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Cash equivalents	$	1,648,544	$	-	$	-	$	1,648,544

							Balance
Liabilities:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Commodity futures contracts	$	169,170	$	-	$	-	$	169,170

Teucrium WTI Crude Fund

Fair Value Disclosures [Text Block]

Note 3 – Fair Value Measurements

							Balance
Assets:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Cash equivalents	$	4,470,225	$	-	$	-	$	4,470,225

							Balance
Liabilities:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Commodity futures contracts	$	1,120,245	$	-	$	-	$	1,120,245

Teucrium Soybean Fund

Fair Value Disclosures [Text Block]

Note 3 – Fair Value Measurements

							Balance
Assets:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Cash equivalents	$	2,157,689	$	-	$	-	$	2,157,689

							Balance
Liabilities:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Commodity futures contracts	$	308,748	$	-	$	-	$	308,748

Teucrium Sugar Fund

Fair Value Disclosures [Text Block]

Note 3 – Fair Value Measurements

							Balance
Assets:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Cash equivalents	$	2,203,146	$	-	$	-	$	2,203,146

							Balance
Liabilities:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Commodity futures contracts	$	46,750	$	-	$	-	$	46,750

Teucrium Wheat Fund

Fair Value Disclosures [Text Block]

Note 3 – Fair Value Measurements

							Balance
Assets:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Cash equivalents	$	2,151,036	$	-	$	-	$	2,151,036

							Balance
Liabilities:							as of
							September 30,
	Level 1		Level 2		Level 3		2011

Commodity futures contracts	$	255,239	$	-	$	-	$	255,239

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details