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Fair Value Measurements
 6 Months Ended
Jun. 30, 2022
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 June 30, 2022 and December 31, 2021:

  

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Cash Equivalents

 

$679,358,773

 

 

$-

 

 

$-

 

 

$679,358,773

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soybean futures contracts

 

 

1,149,852

 

 

 

-

 

 

 

-

 

 

 

1,149,852

 

Sugar futures contracts

 

 

10,878

 

 

 

-

 

 

 

-

 

 

 

10,878

 

Total

 

$680,519,503

 

 

$-

 

 

$-

 

 

$680,519,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn futures contracts

 

$21,618,156

 

 

$-

 

 

$-

 

 

$21,618,156

 

Soybean futures contracts

 

 

378,260

 

 

 

-

 

 

 

-

 

 

 

378,260

 

Sugar futures contracts

 

 

279,100

 

 

 

-

 

 

 

-

 

 

 

279,100

 

Wheat futures contracts

 

 

94,000,821

 

 

 

-

 

 

 

-

 

 

 

94,000,821

 

Total

 

$116,276,337

 

 

$-

 

 

$-

 

 

$116,276,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Cash Equivalents

 

$152,949,199

 

 

$-

 

 

$-

 

 

$152,949,199

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn futures contracts

 

 

5,936,552

 

 

 

-

 

 

 

-

 

 

 

5,936,552

 

Soybean futures contracts

 

 

2,684,851

 

 

 

-

 

 

 

-

 

 

 

2,684,851

 

Sugar futures contracts

 

 

1,079,226

 

 

 

-

 

 

 

-

 

 

 

1,079,226

 

Wheat futures contracts

 

 

3,714,672

 

 

 

-

 

 

 

-

 

 

 

3,714,672

 

Total

 

$166,364,500

 

 

$-

 

 

$-

 

 

$166,364,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sugar futures contracts

 

$80,506

 

 

$-

 

 

$-

 

 

$80,506

 

Wheat futures contracts

 

 

654,969

 

 

 

 -

 

 

 

 -

 

 

 

654,969

 

Total

 

$735,475

 

 

$-

 

 

$-

 

 

$735,475

 

 

For the three and six months ended June 30, 2022 and year ended December 31, 2021, the Funds did not have any significant transfers between any of the levels of the fair value hierarchy. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. In making the determination of a Level 1 or Level 2 transfer, the Fund considers the average volume of the specific underlying futures contracts traded on the relevant exchange for the periods being reported.

 

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 June 30, 2022 and December 31, 2021:

 

June 30, 2022

    

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Cash Equivalents

 

$64,975,826

 

 

$-

 

 

$-

 

 

$64,975,826

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soybean futures contracts

 

 

1,149,852

 

 

 

-

 

 

 

-

 

 

 

1,149,852

 

Total

 

$66,125,678

 

 

$-

 

 

$-

 

 

$66,125,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soybean futures contracts

 

$378,260

 

 

$-

 

 

$-

 

 

$378,260

 

    

December 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Cash Equivalents

 

$32,959,947

 

 

$-

 

 

$-

 

 

$32,959,947

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soybean futures contracts

 

 

2,684,851

 

 

 

-

 

 

 

-

 

 

 

2,684,851

 

Total

 

$35,644,798

 

 

$-

 

 

$-

 

 

$35,644,798

 

 

For the three and six months ended June 30, 2022 and year ended December 31, 2021, 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, were reflected as a Level 2 asset for the period ended March 31, 2021 due to a “limit up” condition. These Soybean contracts transferred back to a Level 1 asset for the period ended June 30, 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 June 30, 2022 and December 31, 2021:

 

June 30, 2022

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Cash Equivalents

 

$21,567,682

 

 

$-

 

 

$-

 

 

$21,567,682

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sugar futures contracts

 

 

10,878

 

 

 

-

 

 

 

-

 

 

 

10,878

 

Total

 

$21,578,560

 

 

$-

 

 

$-

 

 

$21,578,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sugar futures contracts

 

$279,100

 

 

$-

 

 

$-

 

 

$279,100

 

 

December 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Cash Equivalents

 

$12,316,423

 

 

$-

 

 

$-

 

 

$12,316,423

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sugar futures contracts

 

 

1,079,226

 

 

 

-

 

 

 

-

 

 

 

1,079,226

 

Total

 

$13,395,649

 

 

$-

 

 

$-

 

 

$13,395,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sugar futures contracts

 

$80,506

 

 

$-

 

 

$-

 

 

$80,506

 

 

 

For the three and six months ended June 30, 2022 and year ended December 31, 2021, 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 June 30, 2022 and December 31, 2021:

 

June 30, 2022

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Cash Equivalents

 

$417,265,808

 

 

$-

 

 

$-

 

 

$417,265,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wheat futures contracts

 

$94,000,821

 

 

$-

 

 

$-

 

 

$94,000,821

 

 

December 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Cash Equivalents

 

$42,777,585

 

 

$-

 

 

$-

 

 

$42,777,585

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wheat futures contracts

 

 

3,714,672

 

 

 

-

 

 

 

-

 

 

 

3,714,672

 

Total

 

$46,492,257

 

 

$-

 

 

$-

 

 

$46,492,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wheat futures contracts

 

$654,969

 

 

$-

 

 

$-

 

 

$654,969

 

 

For the three and six months ended June 30, 2022 and year ended December 31, 2021, 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]  
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 June 30, 2022 and December 31, 2021:

 

June 30, 2022

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Exchange Traded Funds

 

$47,411,028

 

 

$-

 

 

$-

 

 

$47,411,028

 

Cash Equivalents

 

 

1,870

 

 

 

-

 

 

 

-

 

 

 

1,870

 

Total

 

$47,412,898

 

 

$-

 

 

$-

 

 

$47,412,898

 

    

 
F-117

Table of Contents

 

December 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Exchange Traded Funds

 

$14,178,019

 

 

$-

 

 

$-

 

 

$14,178,019

 

Cash Equivalents

 

 

4,801

 

 

 

-

 

 

 

-

 

 

 

4,801

 

Total

 

$14,182,820

 

 

$-

 

 

$-

 

 

$14,182,820

 

    

For the three and six months ended June 30, 2022, and the year ended December 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. The determination is made as of the settlement of the futures contracts on the last day of trading for the reporting period. 

 

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 June 30, 2022 and December 31, 2021:

 

June 30, 2022

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Cash Equivalents

 

$175,547,587

 

 

$-

 

 

$-

 

 

$175,547,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of June 30, 2022

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn futures contracts

 

$21,618,156

 

 

$-

 

 

$-

 

 

$21,618,156

 

   

December 31, 2021

 

Assets:

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance as of December 31, 2021

 

Cash Equivalents

 

$64,890,443

 

 

$-

 

 

$-

 

 

$64,890,443

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn futures contracts

 

 

5,936,552

 

 

 

-

 

 

 

-

 

 

 

5,936,552

 

Total

 

$70,826,995

 

 

$-

 

 

$-

 

 

$70,826,995

 

 

For the three and six months ended June 30, 2022 and year ended December 31, 2021, 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.