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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2017
Teucrium Commodity Trust - Combined [Member]  
Schedule of Fair Value of Derivative Instruments

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

 

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, ED&F Man as of March 31, 2017 and December 31, 2016. 

 

Offsetting of Financial Assets and Derivative Assets as of March 31, 2017

 

    (i)     (ii)     (iii) = (i) – (ii)     (iv)     (v) = (iii) – (iv)  
                                     
                      Gross Amount Not Offset in the        
                      Statement of Assets and Liabilities        
          Gross Amount     Net Amount                    
          Offset in the     Presented in the     Futures              
    Gross Amount     Statement of     Statement of     Contracts              
    of Recognized     Assets and     Assets and     Available for     Collateral, Due        
Description    Assets     Liabilities     Liabilities     Offset     to Broker     Net Amount  
Commodity price                                                
Soybean futures contracts   $ 3,188     $ —     $ 3,188     $ 3,188     $ —     $ —  

 

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2017

 

    (i)     (ii)     (iii) = (i) – (ii)     (iv)     (v) = (iii) – (iv)  
                                     
                      Gross Amount Not Offset in the        
                      Statement of Assets and Liabilities        
          Gross Amount     Net Amount                    
          Offset in the     Presented in the     Futures              
    Gross Amount     Statement of     Statement of     Contracts              
    of Recognized     Assets and     Assets and     Available for     Collateral, Due        
Description    Liabilities     Liabilities     Liabilities     Offset     from Broker     Net Amount  
Commodity price                                                
Corn futures contracts   $ 520,550     $ —     $ 520,550     $ —     $ 520,550     $ —  
Soybean futures contracts     488,863       —       488,863       3,188       485,675       —  
Sugar futures contracts     523,320       —       523,320       —       523,320       —  
Wheat futures contracts     2,958,875       —       2,958,875       —       2,958,875       —  

 

Offsetting of Financial Assets and Derivative Assets as of December 31, 2016

 

    (i)     (ii)     (iii) = (i) – (ii)     (iv)     (v) = (iii) – (iv)  
                                     
                      Gross Amount Not Offset in the        
                      Statement of Assets and Liabilities        
          Gross Amount     Net Amount                    
          Offset in the     Presented in the     Futures              
    Gross Amount     Statement of     Statement of     Contracts              
    of Recognized     Assets and     Assets and     Available for     Collateral, Due        
Description    Assets     Liabilities     Liabilities     Offset     to Broker     Net Amount  
Commodity price                                                
Soybean futures contracts   $ 357,500     $ —     $ 357,500     $ 12,025     $ —     $ 345,475  
Sugar futures contracts     185,147       —       185,147       185,147       —       —  

 

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016

 

    (i)     (ii)     (iii) = (i) – (ii)     (iv)     (v) = (iii) – (iv)  
                                     
                      Gross Amount Not Offset in the        
                      Statement of Assets and Liabilities        
          Gross Amount     Net Amount                    
          Offset in the     Presented in the     Futures              
    Gross Amount     Statement of     Statement of     Contracts              
    of Recognized     Assets and     Assets and     Available for     Collateral, Due        
Description    Liabilities     Liabilities     Liabilities     Offset     from Broker     Net Amount  
Commodity price                                                
Corn futures contracts   $ 1,460,800     $ —     $ 1,460,800     $ —     $ 1,460,800     $ —  
Soybean futures contracts     12,025       —       12,025       12,025       —       —  
Sugar futures contracts     331,542       —       331,542       185,147       146,395       —  
Wheat futures contracts     3,921,588       —       3,921,588       —       3,921,588       —  
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments

The following is a summary of realized and unrealized gains (losses) of the derivative instruments utilized by the Trust:

 

Three months ended March 31, 2017

 

Primary Underlying Risk  Realized Gain (Loss) on
Commodity Futures Contracts		   Net Change in Unrealized Appreciation or
Depreciation on Commodity Futures Contracts		 
Commodity price        
Corn futures contracts  $280,775   $940,250 
Soybean futures contracts   342,912    (831,150)
Sugar futures contracts   (206,248)   (376,925)
Wheat futures contracts   (175,300)   962,713 
Total commodity futures contracts  $242,139   $694,888 

 

Three months ended March 31, 2016

 

Primary Underlying Risk  Realized (Loss) Gain on
Commodity Futures Contracts		   Net Change in Unrealized Appreciation or
Depreciation on Commodity Futures Contracts		 
Commodity price        
Corn futures contracts  $(2,091,875)  $(152,100)
Soybean futures contracts   100,325    344,625 
Sugar futures contracts   (1,758)   (2,475)
Wheat futures contracts   (569,113)   396,989 
Total commodity futures contracts  $(2,562,421)  $587,039 
Teucrium Corn Fund [Member]  
Schedule of Fair Value of Derivative Instruments

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

 

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, ED&F Man as of March 31, 2017 and December 31, 2016.

 

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2017 

                               
   (i)   (ii)   (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv) 
               Gross Amount Not Offset in the
Statement of Assets and
Liabilities		     
Description  Gross Amount
of Recognized
Liabilities		   Gross
Amount
Offset in the
Statement of
Assets and
Liabilities		   Net Amount
Presented in
the
Statement of
Assets and
Liabilities		   Futures
Contracts
Available for
Offset		   Collateral, Due
from Broker		   Net Amount 
Commodity price                        
Corn futures contracts  $520,550   $—   $520,550   $—   $520,550   $— 

 

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016

                               
   (i)   (ii)   (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv) 
               Gross Amount Not Offset in the
Statement of Assets and
Liabilities		     
Description  Gross Amount
of Recognized
Liabilities		   Gross
Amount
Offset in the
Statement of
Assets and
Liabilities		   Net Amount
Presented in
the
Statement of
Assets and
Liabilities		   Futures
Contracts
Available for
Offset		   Collateral, Due
from Broker		   Net Amount 
Commodity price                        
Corn futures contracts  $1,460,800   $—   $1,460,800   $—   $1,460,800   $— 
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments

he following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

 

Three months ended March 31, 2017

 

      Realized Gain on     Net Change in Unrealized Appreciation or  
Primary Underlying Risk     Commodity Futures Contracts     Depreciation on Commodity Futures Contracts  
Commodity Price                  
Corn futures contracts     $ 280,775     $ 940,250  

  

Three months ended March 31, 2016

 

        Realized Loss on     Net Change in Unrealized Appreciation or  
Primary Underlying Risk     Commodity Futures Contracts     Depreciation on Commodity Futures Contracts  
Commodity Price                  
Corn futures contracts     $ (2,091,875 )   $ (152,100 )
Teucrium Soybean Fund [Member]  
Schedule of Fair Value of Derivative Instruments

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

 

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, ED&F Man as of March 31, 2017 and December 31, 2016.

 

Offsetting of Financial Assets and Derivative Assets as of March 31, 2017

 

   (i)   (ii)   (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv) 
                         
               Gross Amount Not Offset in the
Statement of Assets and Liabilities		     
Description  Gross
Amount
of
Recognized
Assets		   Gross
Amount
Offset in the
Statement of
Assets and
Liabilities		   Net Amount
Presented in
the
Statement of
Assets and
Liabilities		   Futures Contracts
Available for Offset		   Collateral,
Due
to Broker		   Net Amount 
Commodity price                        
Soybean futures contracts  $3,188   $—   $3,188   $3,188   $—   $— 

 

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2017

 

   (i)   (ii)   (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv) 
                         
               Gross Amount Not Offset in the
Statement of Assets and Liabilities		     
Description  Gross
Amount
of
Recognized
Liabilities		   Gross
Amount
Offset in the
Statement of
Assets and
Liabilities		   Net Amount
Presented in
the
Statement of
Assets and
Liabilities		   Futures Contracts
Available for Offset		   Collateral,
Due
from Broker		   Net Amount 
Commodity price                        
Soybean futures contracts  $488,863   $—   $488,863   $3,188   $485,675   $— 

  

Offsetting of Financial Assets and Derivative Assets as of December 31, 2016

 

   (i)   (ii)   (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv) 
                         
               Gross Amount Not Offset in the
Statement of Assets and Liabilities		     
Description  Gross
Amount
of
Recognized
Assets		   Gross
Amount
Offset in the
Statement of
Assets and
Liabilities		   Net Amount
Presented in
the
Statement of
Assets and
Liabilities		   Futures Contracts
Available for Offset		   Collateral,
Due
to Broker		   Net Amount 
Commodity price                        
Soybean futures contracts  $357,500   $—   $357,500   $12,025   $—   $345,475 

 

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016

 

   (i)   (ii)   (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv) 
                         
               Gross Amount Not Offset in the
Statement of Assets and Liabilities		     
Description  Gross
Amount
of
Recognized
Liabilities		   Gross
Amount
Offset in the
Statement of
Assets and
Liabilities  		   Net Amount
Presented in
the
Statement of
Assets and
Liabilities		   Futures Contracts
Available for Offset		    Collateral,
Due
from Broker		   Net Amount 
Commodity price                        
Soybean futures contracts  $12,025   $—   $12,025   $12,025   $—   $— 
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments

The following is a summary of realized and unrealized gains and losses of the derivative instruments utilized by the Fund:

 

Three months ended March 31, 2017

 

Primary Underlying Risk 

Realized Gain on  

Commodity Futures Contracts  

  

 Net Change in Unrealized
Appreciation or Depreciation on  

Commodity Futures Contracts

 
Commodity price          
Soybean futures contracts
  $342,912   $(831,150)

 

Three months ended March 31, 2016

 

Primary Underlying Risk 

Realized Gain on 

Commodity Futures Contracts 

  

Net Change in Unrealized 

Appreciation or Depreciation on 

Commodity Futures Contracts 

 
Commodity price          
Soybean futures contracts  $100,325   $344,625 
Teucrium Sugar Fund [Member]  
Schedule of Fair Value of Derivative Instruments

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in FASB ASU No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

 

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, ED&F Man as of March 31, 2017 and December 31, 2016.

 

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2017

 

    (i)     (ii)     (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv)
                         
                          Gross Amount Not Offset in the
Statement of Assets and Liabilities		    
                                         
Description   Gross Amount
of Recognized
Liabilities		     Gross Amount
Offset in the
Statement of
Assets and
Liabilities		     Net Amount
Presented in the
Statement of
Assets and
Liabilities		   Futures Contracts Available for Offset   Collateral,
Due
from Broker		   Net Amount
Commodity price                                        
Sugar futures contracts   $ 523,320     $ —     $ 523,320   $ —   $ 523,320   $ —

 

Offsetting of Financial Assets and Derivative Assets as of December 31, 2016

 

    (i)     (ii)     (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv)
                         
                          Gross Amount Not Offset in the
Statement of Assets and Liabilities		    
                                         
Description   Gross Amount
of Recognized
Assets		     Gross Amount
Offset in the
Statement of
Assets and
Liabilities		     Net Amount
Presented in the
Statement of
Assets and
Liabilities		   Futures Contracts Available for Offset   Collateral,
Due
to Broker		   Net Amount
Commodity price                                        
Sugar futures contracts   $ 185,147     $ —     $ 185,147   $ 185,147   $ —   $ —

  

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016

 

    (i)     (ii)     (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv)
                         
                          Gross Amount Not Offset in the
Statement of Assets and Liabilities		    
                                         
Description   Gross Amount
of Recognized
Liabilities		     Gross Amount
Offset in the
Statement of
Assets and
Liabilities		     Net Amount
Presented in the
Statement of
Assets and
Liabilities		   Futures Contracts Available for Offset   Collateral,
Due
from Broker		   Net Amount
Commodity price                                        
Sugar futures contracts   $ 331,542     $ —     $ 331,542   $ 185,147   $ 146,395   $ —
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

 

Three months ended March 31, 2017

 

Primary Underlying Risk 

Realized Loss on

Commodity Futures Contracts

  

Net Change in Unrealized

Appreciation or Depreciation on
Commodity Futures Contracts

 
Commodity price        
Sugar futures contracts  $(206,248)  $(376,925)

 

Three months ended March 31, 2016

 

Primary Underlying Risk 

Realized Loss on

Commodity Futures Contracts

  

Net Change in Unrealized

Appreciation or Depreciation on

Commodity Futures Contracts

 
Commodity price        
Sugar futures contracts  $(1,758)  $(2,475)
Teucrium Wheat Fund [Member]  
Schedule of Fair Value of Derivative Instruments

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

 

The following table also identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk and held by the FCM, ED&F Man as of March 31, 2017 and December 31, 2016.

 

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2017 

 

   (i)   (ii)   (iii) = (i) – (ii)   (iv)   (v) = (iii) – (iv) 
                     
              Gross Amount Not Offset in the
Statement of Assets and
Liabilities		     
Description  Gross Amount
of Recognized
Liabilities		   Gross Amount
Offset in the
Statement of
Assets and
Liabilities		   Net Amount
Presented in
the Statement of
Assets and
Liabilities		   Futures
Contracts
Available for
Offset		   Collateral, Due
from Broker		   Net Amount 
Commodity price                              
Wheat futures contracts  $2,958,875   $—   $2,958,875   $—   $2,958,875   $— 

 

Offsetting of Financial Liabilities and Derivative Liabilities as of December 31, 2016 

                                     
    (i)     (ii)     (iii) = (i) – (ii)     (iv)     (v) = (iii) – (iv)  
                                     
                      Gross Amount Not Offset in the
Statement of Assets and
Liabilities		        
Description   Gross Amount
of Recognized
Liabilities		     Gross Amount
Offset in the
Statement of
Assets and
Liabilities		     Net Amount
Presented in
the Statement of
Assets and
Liabilities		     Futures
Contracts
Available for
Offset		     Collateral, Due
from Broker		     Net Amount  
Commodity price                                                
Wheat futures contracts   $ 3,921,588     $ —     $ 3,921,588     $ —     $ 3,921,588     $ —  
Summary of Realized and Unrealized Gains (Losses) of the Derivative Instruments

The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of commodity futures contracts categorized by primary underlying risk:

 

Three months ended March 31, 2017

 

Primary Underlying Risk 

Realized Loss on 
Commodity Futures Contracts 

  

Net Change in Unrealized 
Appreciation or Depreciation on 
Commodity Futures Contracts 

 
Commodity price          
Wheat futures contracts  $(175,300)  $962,713 

 

Three months ended March 31, 2016

 

Primary Underlying Risk 

Realized Loss on 
Commodity Futures Contracts 

  

Net Change in Unrealized
Appreciation or Depreciation on 
Commodity Futures Contracts 

 
Commodity price          
Wheat futures contracts  $(569,113)  $396,989