Fair Value Measurements

6 Months Ended

Jun. 30, 2017

Teucrium Commodity Trust - Combined [Member]

Fair Value Measurements

Note 4 – 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 3. The following table presents information about the Trust’s assets and liabilities measured at fair value as of June 30, 2017 and December 31, 2016:

June 30, 2017

							Balance as of
Assets:	Level 1		Level 2		Level 3		June 30, 2017
Cash equivalents	$	175,662	$	—	$	—	$	175,662
Commodity futures contracts
Corn futures contracts		934,175		—		—		934,175
Soybean futures contracts		1,912		—		—		1,912
Sugar futures contracts		48,317		—		—		48,317
Wheat futures contracts		7,357,050		—		—		7,357,050
Total	$	8,517,116	$	—	$	—	$	8,517,116

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		June 30, 2017
Commodity futures contracts
Soybean futures contracts	$	108,600	$	—	$	—	$	108,600
Sugar futures contracts		785,669		—		—		785,669
Total	$	894,269	$	—	$	—	$	894,269

December 31, 2016
							Balance as of
Assets:	Level 1		Level 2		Level 3		December 31, 2016
Cash equivalents	$	1,412,423	$	—	$	—	$	1,412,423
Commodity futures contracts
Soybean futures contracts		357,500		—		—		357,500
Sugar futures contracts		185,147		—		—		185,147
Total	$	1,955,070	$	—	$	—	$	1,955,070

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		December 31, 2016
Commodity futures contracts
Corn futures contracts	$	1,460,800	$	—	$	—	$	1,460,800
Soybean futures contracts		12,025		—		—		12,025
Sugar futures contracts		331,542		—		—		331,542
Wheat futures contracts		3,921,588		—		—		3,921,588
Total	$	5,725,955	$	—	$	—	$	5,725,955

For the six months ended June 30, 2017 and year ended December 31, 2016, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

Teucrium Corn Fund [Member]

Fair Value Measurements

Note 4 – 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 June 30, 2017 and December 31, 2016:

June 30, 2017

							Balance as of
Assets:	Level 1		Level 2		Level 3		June 30, 2017
Cash equivalents		10,951		—		—		10,951
Corn futures contracts		934,175		—		—		934,175
Total	$	945,126	$	—	$	—	$	945,126

December 31, 2016                      

							Balance as of
Assets:	Level 1		Level 2		Level 3		December 31, 2016
Cash equivalents	$	692,293	$	—	$	—	$	692,293

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		December 31, 2016
Corn futures contracts	$	1,460,800	$	—	$	—	$	1,460,800

For the six months ended June 30, 2017 and year ended December 31 2016, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

Teucrium Soybean Fund [Member]

Fair Value Measurements

Note 4 – 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 June 30, 2017 and December 31, 2016:

June 30, 2017

Assets:	Level 1		Level 2		Level 3		Balance as of June 30, 2017
Cash equivalents	$	151,120	$	—	$	—	$	151,120
Soybean futures contracts		1,912		—		—		1,912
Total	$	153,032	$	—	$	—	$	153,032

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		June 30, 2017
Soybean futures contracts	$	108,600	$	—	$	—	$	108,600

December 31, 2016 

							Balance as of
Assets:	Level 1		Level 2		Level 3		December 31, 2016
Cash equivalents	$	185,661	$	—	$	—	$	185,661
Soybean futures contracts		357,500		—		—		357,500
Total	$	543,161	$	—	$	—	$	543,161

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		December 31, 2016
Soybean futures contracts	$	12,025	$	—	$	—	$	12,025

For the six months ended June 30, 2017 and year ended December 31, 2016, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

Teucrium Sugar Fund [Member]

Fair Value Measurements

Note 4 – 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 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2017 and December 31, 2016:

June 30, 2017

							Balance as of
Assets:	Level 1		Level 2		Level 3		June 30, 2017
Cash equivalents	$	4,677	$	—	$	—	$	4,677
Sugar futures contracts		48,317		—		—		48,317
Total	$	52,994	$	—	$	—	$	52,994

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		June 30, 2017
Sugar futures contracts	$	785,669	$	—	$	—	$	785,669

December 31, 2016

							Balance as of
Assets:	Level 1		Level 2		Level 3		December 31, 2016
Cash equivalents	$	125,182	$	—	$	—	$	125,182
Sugar futures contracts		185,147		—		—		185,147
Total	$	310,329	$	—	$	—	$	310,329

							Balance as of
Liabilities:	Level 1		Level 2		Level 3		December 31, 2016
Sugar futures contracts	$	331,542	$	—	$	—	$	331,542

For the six months ended June 30, 2017 and year ended December 31, 2016, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

Teucrium Wheat Fund [Member]

Fair Value Measurements

Note 4 – 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 3. The following table presents information about the Fund’s assets and liabilities measured at fair value as of June 30, 2017 and December 31, 2016:

June 30, 2017

Assets:	Level 1		Level 2		Level 3		Balance as of June 30, 2017
Cash equivalents	$	7,222	$	—	$	—	$	7,222
Wheat futures contracts		7,357,050		—		—		7,357,050
Total	$	7,364,272	$	—	$	—	$	7,364,272

December 31, 2016

Assets:	Level 1		Level 2		Level 3		Balance as of December 31, 2016
Cash equivalents	$	406,927	$	—	$	—	$	406,927

Liabilities:	Level 1		Level 2		Level 3		Balance as of December 31, 2016
Wheat futures contracts	$	3,921,588	$	—	$	—	$	3,921,588

For the six months ended June 30, 2017 and year ended December 31, 2016, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.

Teucrium Agricultural Fund [Member]

Fair Value Measurements

Note 4 – 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 June 30, 2017 and December 31, 2016:

June 30, 2017

							Balance as of
Assets:	Level 1		Level 2		Level 3		June 30, 2017
Exchange-traded funds	$	1,253,644	$	—	$	—	$	1,253,644
Cash equivalents		1,692		—		—		1,692
Total	$	1,255,336	$	—	$	—	$	1,255,336

December 31, 2016

							Balance as of
Assets:	Level 1		Level 2		Level 3		December 31, 2016
Exchange-traded funds	$	1,313,554	$	—	$	—	$	1,313,554
Cash equivalents		2,360		—		—		2,360
Total	$	1,315,914	$	—	$	—	$	1,315,914

For the six months ended June 30, 2017 and year ended December 31, 2016, the Fund did not have any transfers between any of the level of the fair value hierarchy.  

See the Fair Value - Definition and Hierarchy section in Note 3 above for an explanation of the transfers into and out of each level of the fair value hierarchy.