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Fair Value Measurements (Teucrium Commodity Trust [Member])
 12 Months Ended
Dec. 31, 2012
Teucrium Commodity Trust [Member]
  
Fair Value Measurements

Note 3 - 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 2. The following table presents information about the Trust'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   $ 52,575,291     $ -     $ -     $ 52,575,291  
Commodity futures contracts                                
Natural gas futures contracts     9,550       -       -       9,550  
WTI crude oil futures contracts     44,872       -       -       44,872  
Soybean futures contracts     63,200       -       -       63,200  
Wheat futures contracts     15,762       -       -       15,762  
Total   $ 52,708,675     $ -     $ -     $ 52,708,675  

 

                Balance as of
Liabilities:   Level 1   Level 2   Level 3   December 31, 2012
Commodity futures contracts                                
Corn futures contracts   $ 2,213,775     $ -     $ -     $ 2,213,775  
Natural gas futures contracts     233,919       -       -       233,919  
WTI crude oil futures contracts     58,090       -       -       58,090  
Soybean futures contracts     284,575       -       -       284,575  
Sugar futures contracts     78,378       -       -       78,378  
Wheat futures contracts     206,850       -       -       206,850  
Total   $ 3,075,587     $ -     $ -     $ 3,075,587  

 

December 31, 2011

 

                Balance as of
Assets:   Level 1   Level 2   Level 3   December 31, 2011
Cash equivalents   $ 80,567,801       -       -     $ 80,567,801  
Commodity futures contracts                                
Corn futures contracts     1,928,408       -       -       1,928,408  
WTI crude oil futures contracts     116,142       -       -       116,142  
Soybean futures contracts     9,994       -       -       9,994  
Wheat futures contracts     71,170       -       -       71,170  
Total   $ 82,693,515     $ -     $ -     $ 82,693,515  

 

                Balance as of
Liabilities:   Level 1   Level 2   Level 3   December 31, 2011
Commodity futures contracts                                
Corn futures contracts   $ 2,711,523     $ -     $ -     $ 2,711,523  
Natural gas futures contracts     602,440       -       -       602,440  
WTI crude oil futures contracts     168       -       -       168  
Soybean futures contracts     164,663       -       -       164,663  

 

Sugar futures contracts     138,198       -       -       138,198  
Wheat futures contracts     141,468       -       -       141,468  
Total   $ 3,758,460     $ -     $ -     $ 3,758,460  

 

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" or "limit-up" conditions for the year ended 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     $ -     $ -