<SEC-DOCUMENT>0001654954-18-004386.txt : 20180605
<SEC-HEADER>0001654954-18-004386.hdr.sgml : 20180605
<ACCEPTANCE-DATETIME>20180426134745
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-18-004386
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Teucrium Commodity Trust
		CENTRAL INDEX KEY:			0001471824
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		115 CHRISTINA LANDING DRIVE
		STREET 2:		UNIT 2004
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19801
		BUSINESS PHONE:		302-543-5977

	MAIL ADDRESS:	
		STREET 1:		115 CHRISTINA LANDING DRIVE
		STREET 2:		UNIT 2004
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19801
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<!--anchor--></a>Shareholder*</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">+1 212
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attorneys in the state of New York.</font></font></font></div>
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<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">April
26, 2018</font></font></div>
<div><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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VIA EDGAR TRANSMISSION</font></font></div>
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Garrison</font></font></div>
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<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">Division of Corporation
Finance</font></font></div>
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<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">U.S. Securities and Exchange
Commission</font></font></div>
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20549</font></font></div>
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<div style="display: table">
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<div style="display: table-cell; width: 48px"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Re:&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">Teucrium Commodity
Trust</font></font></font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Teucrium Corn
Fund</font></font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Post-Effective
Amendment No. 3 Filed on Form S-1 (File Nos.
333-210010)</font></font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Teucrium Wheat
Fund</font></font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Post-Effective
Amendment No. 2 Filed on Form S-1 (File No.
333-212481)</font></font></div>
</div>
</div>
<div><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">Dear Mr.
Garrison:</font></font></div>
<div><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">On behalf of Teucrium Commodity
Trust (the &#x201C;Registrant&#x201D;), we are responding to the
comments of the staff (the &#x201C;Staff&#x201D;) of the Securities
and Exchange Commission (the &#x201C;Commission&#x201D;) provided to
us telephonically on April 24, 2018 with regard to Post-Effective
Amendment No. 3 filed with the Commission on Form S-1 on April 20,
2018 with respect to Teucrium Corn Fund (File No. 333-210010) and
Post-Effective Amendment No. 2 filed with the Commission on Form
S-1 on April 20, 2018 with respect to Teucrium Wheat Fund (File No.
333-212481) (each, a &#x201C;Post-Effective Amendment&#x201D; and,
together, the &#x201C;Post-Effective
Amendments&#x201D;).</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">For ease of reference, the
Staff&#x2019;s comment is set forth below, followed by the
Registrant&#x2019;s response.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">Capitalized terms used but not
otherwise defined herein have the meanings set forth in the
prospectus.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 144px"><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;"><font style="font-weight: bold; text-decoration: underline;">Comment</font><font style="font-weight: bold;">:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">The
prospectus contains disclosure, under the sub-heading
&#x201C;Governing Law. Consent to Delaware Jurisdiction,&#x201D;
stating that &#x201C;[t]he Sponsor, the Trust, the Fund and DTC and,
by accepting Shares, each DTC Participant and each Shareholder,
consent to the jurisdiction of the courts of the State of Delaware
and any federal courts located in Delaware.&#x201D; Please add a
risk factor related to this &#x201C;exclusive forum&#x201D;
disclosure. The risk factor should contain the following elements:
(1) disclose the impact of such exclusive forum on the rights of
Shareholders; (2) describe the reason that the exclusive forum was
adopted; and (3) address the enforceability of such exclusive forum
provision under Delaware law.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 144px"><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;"><font style="font-weight: bold; text-decoration: underline;">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: left; display: table-cell"><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">In
considering the Staff&#x2019;s comment, we have reviewed the
Registrant&#x2019;s Trust Agreement and also have reviewed the trust
agreements of other exchange traded funds registered under the
Securities Act of 1933, as amended, which contain explicit
&#x201C;exclusive forum&#x201D; provisions. After completing such
review, the Registrant noted that its Trust Agreement does not
contain any explicit &#x201C;exclusive forum&#x201D;
provisions.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">As a result, the Registrant has
revised the prospectus to remove the references to the exclusive
forum and to conform the prospectus disclosure to the Trust
Agreement, as indicated in the blackline below. In addition, the
Registrant has amended the Table of Contents to reflect the change
in the title of the sub-heading.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">As a result of this revision, the
Registrant believes that a risk factor related to exclusive forum
is inapplicable.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;"><font style="font-weight: bold;">Governing Law.</font> <font style="text-decoration: line-through; font-weight: bold;">Consent to
Delaware Jurisdiction</font></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">The rights of the Sponsor, the
Trust, the Fund, DTC (as registered owner of the Fund&#x2019;s
global certificate for Shares) and the Shareholders are governed by
the laws of the State of Delaware<font style="text-decoration: underline;">, except with respect to causes of
action for violations of U.S. federal or state securities laws. The
Trust Agreement and the effect of every provision thereof shall
control over any contrary or limiting statutory or common law of
the State of Delaware, other than the Delaware Trust
Statute.</font> <font style="text-decoration: line-through;">The
Sponsor, the Trust, the Fund and DTC and, by accepting Shares, each
DTC Participant and each Shareholder, consent to the jurisdiction
of the courts of the State of Delaware and any federal courts
located in Delaware. Such consent is not required for any person to
assert a claim of Delaware jurisdiction over the Sponsor, the Trust
or the Fund.</font></font></font></div>
<div><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">We understand that the
Staff&#x2019;s comment was made with respect to the Post-Effective
Amendments. However, the Registrant also has made conforming
changes to Pre-Effective Amendment No. 1 filed with the Commission
on Form S-1 on April 20, 2018 with respect to Teucrium Agricultural
Fund (File No. 333-223943), Pre-Effective Amendment No. 1 filed
with the Commission on Form S-1 on April 20, 2018 with respect to
Teucrium Soybean Fund (File No. 333-223940), and Pre-Effective
Amendment No. 1 filed on Form S-1 on April 20, 2018 with respect to
Teucrium Sugar Fund (File No. 333-223941) (each a
&#x201C;Pre-Effective Amendment&#x201D;). Thus, references in this
letter to &#x201C;the prospectus&#x201D; should be understood as
referring to the applicable Pre-Effective Amendment or
Post-Effective Amendment.</font></font></div>
<div><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">Very truly
yours,</font></font></div>
<div><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">W. Thomas
Conner</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">Shareholder*</font></font></div>
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<div><font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
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</div>
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<font style="font-size: 16px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 5px; text-indent: -48px">
<font style="font-size: 16px"><font style="font-size: 14px"><font style="font-family: Times\ New\ Roman;">WTC/BRH</font></font></font></div>
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<font style="font-size: 14px"><font style="font-family: Times\ New\ Roman;">Vedder Price P.C. is affiliated
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<font style="font-size: 14px"><font style="font-family: Times New Roman; font-size: 13px">WASHINGTON_DC/#67236.3</font></font></div>
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