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Fair Value Measurements (Teucrium Corn Fund [Member]) | 12 Months Ended
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Dec. 31, 2012
Teucrium Corn Fund [Member] |
Fair Value Measurements | 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 December 31, 2012 and 2011:
December 31, 2012 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Balance as of |
Assets: |  | Level 1 |  | Level 2 |  | Level 3 |  | December 31, 2012 |
Cash equivalents |  | $ | 34,631,982 |  |  | $ | - |  |  | $ | - |  |  | $ | 34,631,982 |
|  |  |  |  |  |  |  | Balance as of |
Liabilities: |  | Level 1 |  | Level 2 |  | Level 3 |  | December 31, 2012 |
Commodity futures contracts |  | $ | 2,213,775 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,213,775 |
December 31, 2011 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Balance as of |
Assets: |  | Level 1 |  | Level 2 |  | Level 3 |  | December 31, 2011 |
Cash equivalents |  | $ | 69,022,336 |  |  | $ | - |  |  | $ | - |  |  | $ | 69,022,336 |
Commodity futures contracts |  |  | 1,928,408 |  |  |  | - |  |  |  | - |  |  |  | 1,928,408 |
Total |  | $ | 70,950,744 |  |  | $ | - |  |  | $ | - |  |  | $ | 70,950,744 |
|  |  |  |  |  |  |  | Balance as of |
Liabilities: |  | Level 1 |  | Level 2 |  | Level 3 |  | December 31, 2011 |
Commodity futures contracts |  | $ | 2,711,523 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,711,523 |
There were no transfers into and out of each level of the fair value hierarchy for the commodity futures contracts valued using alternative verifiable sources due to a "limit-down" condition for the period January 1, 2012 through December 31, 2012. 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 December 31, 2011 were as follows:
|  | Transfers |  |  | Transfers |  |  | Transfers |  |  | Transfers |  |  | Transfers |  |  | Transfers |
|  | into |  |  | out of |  |  | into |  |  | out of |  |  | into |  |  | out of |
|  | Level 1 |  |  | Level 1 |  |  | Level 2 |  |  | Level 2 |  |  | Level 3 |  |  | Level 3 |
Assets (at fair value) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corn future contracts |  | $ | 9,140,288 |  |  | $ | 9,140,288 |  |  | $ | 9,140,288 |  |  | $ | 9,140,288 |  |  | $ | - |  |  | $ | - |
|  | Transfers |  |  | Transfers |  |  | Transfers |  |  | Transfers |  |  | Transfers |  |  | Transfers |
|  | into |  |  | out of |  |  | into |  |  | out of |  |  | into |  |  | out of |
|  | Level 1 |  |  | Level 1 |  |  | Level 2 |  |  | Level 2 |  |  | Level 3 |  |  | Level 3 |
Liabilities (at fair value) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corn future contracts |  | $ | 5,938,713 |  |  | $ | 5,938,713 |  |  | $ | 5,938,713 |  |  | $ | 5,938,713 |  |  | $ | - |  |  | $ | - |

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- 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 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: 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 3: 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 4: 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 5: 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 6: 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=7491637&loc=d3e13433-108611 Reference 7: 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 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=7491637&loc=d3e13537-108611 Reference 9: 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 10: 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. 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