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Fair Value Measurements
 3 Months Ended
Mar. 31, 2021
Teucrium Commodity Trust - Combined [Member]  
Note 4 - 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 March 31, 2021 and December 31, 2020:

 

March 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

March 31, 2021

 

Cash Equivalents

 

$206,917,205

 

 

$-

 

 

$-

 

 

$206,917,205

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn futures contracts

 

 

-

 

 

 

21,476,335

 

 

 

-

 

 

 

21,476,335

 

Soybean futures contracts

 

 

173,545

 

 

 

6,226,169

 

 

 

-

 

 

 

6,399,714

 

Sugar futures contracts

 

 

1,161,729

 

 

 

-

 

 

 

-

 

 

 

1,161,729

 

Wheat futures contracts

 

 

1,850,973

 

 

 

-

 

 

 

-

 

 

 

1,850,973

 

Total

 

$210,103,452

 

 

$27,702,504

 

 

$-

 

 

$237,805,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

March 31, 2021

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sugar futures contracts

 

$360,868

 

 

 

-

 

 

 

-

 

 

$360,868

 

Wheat futures contracts

 

 

1,168,484

 

 

 

-

 

 

 

-

 

 

 

1,168,484

 

Total

 

$1,529,352

 

 

$-

 

 

$-

 

 

$1,529,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

December 31, 2020

 

Cash Equivalents

 

$213,568,884

 

 

$-

 

 

$-

 

 

$213,568,884

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn futures contracts

 

 

20,154,606

 

 

 

-

 

 

 

-

 

 

 

20,154,606

 

Soybeans futures contracts

 

 

15,124,226

 

 

 

-

 

 

 

-

 

 

 

15,124,226

 

Sugar futures contracts

 

 

1,407,703

 

 

 

-

 

 

 

-

 

 

 

1,407,703

 

Wheat futures contracts

 

 

5,738,162

 

 

 

-

 

 

 

-

 

 

 

5,738,162

 

Total

 

$255,993,581

 

 

$-

 

 

$-

 

 

$255,993,581

 

  

For the three months ended March 31, 2021 and year ended December 31, 2020, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy, except for the July21 CBOT corn futures, Sep21 CBOT corn futures, Dec21 CBOT corn futures, Jul21 CBOT soybean futures, and the Nov21 CBOT soybean futures, which settled in a “limit up” condition on March 31, 2021 and were reflected as a Level 2 investment for the period ended March 31, 2021, and the DEC 21 CBOT Wheat contracts held by WEAT, which were reflected as a Level 2 investment for the period ended June 30, 2020 due to the quarterly average daily volume for the contract. These Wheat contracts transferred back to a Level 1 asset for the period ended September 30, 2020.

 

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]  
Note 4 - 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 March 31, 2021 and December 31, 2020:

 

March 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of March 31, 2021

 

Cash Equivalents

 

$49,972,466

 

 

$-

 

 

$-

 

 

$49,972,466

 

Soybean futures contracts

 

 

173,545

 

 

 

6,226,169

 

 

 

-

 

 

 

6,399,714

 

Total

 

$50,146,011

 

 

$6,226,169

 

 

$-

 

 

$56,372,180

 

  

December 31, 2020

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2020

 

Cash Equivalents

 

$57,726,894

 

 

$-

 

 

$-

 

 

$57,726,894

 

Soybean futures contracts

 

 

15,124,226

 

 

 

-

 

 

 

-

 

 

 

15,124,226

 

Total

 

$72,851,120

 

 

$-

 

 

$-

 

 

$72,851,120

 

 

 

For the three months ended March 31, 2021 and year ended December 31, 2020, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the Jul21 CBOT soybean futures, and the Nov21 CBOT soybean futures, which settled in a “limit up” condition on March 31, 2021 and were reflected as a Level 2 asset for the period ended March 31, 2021.

 

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]  
Note 4 - 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 March 31, 2021 and December 31, 2020:

 

March 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

March 31, 2021

 

Cash Equivalents

 

$9,172,339

 

 

$-

 

 

$-

 

 

$9,172,339

 

Sugar Futures Contracts

 

 

1,161,729

 

 

 

-

 

 

 

-

 

 

 

1,161,729

 

Total

 

$10,334,068

 

 

$-

 

 

$-

 

 

$10,334,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

March 31, 2021

 

Sugar Futures Contracts

 

$360,868

 

 

$-

 

 

$-

 

 

$360,868

 

  

December 31, 2020

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2020

 

Cash Equivalents

 

$6,652,192

 

 

$-

 

 

$-

 

 

$6,652,192

 

Sugar Futures Contracts

 

 

1,407,703

 

 

 

-

 

 

 

-

 

 

 

1,407,703

 

Total

 

$8,059,895

 

 

$-

 

 

$-

 

 

$8,059,895

 

  

For the three months ended March 31, 2021 and year ended December 31, 2020, 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]  
Note 4 - 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 March 31, 2021 and December 31, 2020:

 

March 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

March 31,

2021

 

Cash Equivalents

 

$50,987,476

 

 

$-

 

 

$-

 

 

$50,987,476

 

Wheat Futures contracts

 

 

1,850,973

 

 

 

-

 

 

 

-

 

 

 

1,850,973

 

Total

 

$52,838,449

 

 

$-

 

 

$-

 

 

$52,838,449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

March 31,

2021

 

Wheat Futures contracts

 

$1,168,484

 

 

$-

 

 

$-

 

 

$1,168,484

 

 

December 31, 2020

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31,

2020

 

Cash Equivalents

 

$51,216,159

 

 

$-

 

 

$-

 

 

$51,216,159

 

Wheat Futures contracts

 

 

5,738,162

 

 

 

-

 

 

 

-

 

 

 

5,738,162

 

Total

 

$56,954,321

 

 

$-

 

 

$-

 

 

$56,954,321

 

 

For the three months ended March 31, 2021 and year ended December 31, 2020, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the DEC 21 CBOT Wheat contracts held by WEAT, which were reflected as a Level 2 asset for the period ended June 30, 2020 due to the quarterly average daily volume for the contract. These transferred back to a Level 1 asset for the period ended September 30, 2020.

 

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]  
Note 4 - 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 March 31, 2021 and December 31, 2020:

 

March 31, 2021

  

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

March 31,

2021

 

Exchange Traded Funds

 

$2,444,538

 

 

$2,598,263

 

 

$-

 

 

$5,042,801

 

Cash Equivalents

 

 

2,605

 

 

 

-

 

 

 

-

 

 

 

2,605

 

Total

 

$2,447,143

 

 

$2,598,263

 

 

$-

 

 

$5,045,406

 

 

December 31, 2020

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31,

2020

 

Exchange Traded Funds

 

$1,582,262

 

 

$-

 

 

$-

 

 

$1,582,262

 

Cash Equivalents

 

 

2,786

 

 

 

-

 

 

 

-

 

 

 

2,786

 

Total

 

$1,585,048

 

 

$-

 

 

$-

 

 

$1,585,048

 

 

On March 31, 2021 the reported value at the close of the market for each commodity contract fairly reflected the value of the futures and no alternative valuations were required except for the July21 CBOT corn futures, Sep21 CBOT corn futures, Dec21 CBOT corn futures, Jul21 CBOT soybean futures, and the Nov21 CBOT soybean futures, which settled in a “limit up” condition on March 31, 2021. Therefore, the Trust, CORN, and SOYB have used alternative verifiable sources to value these contracts on March 31, 2021 and the financial statements of these funds including TAGS, due to the NAV adjustment for each of these Underlying Funds, have been adjusted accordingly. The adjustment in CORN and SOYB has resulted in a $30,191 increase in the investment in the Underlying Funds and have classified these as a Level 2 asset for the period ended March 31, 2021.

 

For the year ended December 31, 2020, 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.
Teucrium Corn Fund [Member]  
Note 4 - 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 March 31, 2021 and December 31, 2020:

 

March 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of

March 31, 2021

 

Cash Equivalents

 

$96,782,319

 

 

$-

 

 

$-

 

 

$96,782,319

 

Corn Futures Contracts

 

 

-

 

 

 

21,476,335

 

 

 

-

 

 

 

21,476,335

 

Total

 

$96,782,319

 

 

$21,476,335

 

 

$-

 

 

$118,258,654

 

  

December 31, 2020

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2020

 

Cash Equivalents

 

$97,970,853

 

 

$-

 

 

$-

 

 

$97,970,853

 

Corn Futures Contracts

 

 

20,154,606

 

 

 

-

 

 

 

-

 

 

 

20,154,606

 

Total

 

$118,125,459

 

 

$-

 

 

$-

 

 

$118,125,459

 

  

For the three months ended March 31, 2021 and year ended December 31, 2020, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy, except for the July21 CBOT corn futures, Sep21 CBOT corn futures, and Dec21 CBOT corn futures, which settled in a “limit up” condition on March 31, 2021 and were reflected as a Level 2 asset for the period ended March 31, 2021.

 

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.