Teucrium Commodity Trust S-1/A, filed Apr 19, 2021

Teucrium Commodity Trust (BTCK)

S-1/A 2021-04-19

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Added on October 21, 2026

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Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒ Emerging growth company ☐

	PAGE
PART ONE DISCLOSURE DOCUMENT	1
PROSPECTUS SUMMARY	4
Principal Offices of the Fund and the Sponsor	4
Breakeven Point	4
Operation of the Fund	4
Principal Investment Risks of an Investment in the Fund	6
Determination of NAV	7
Defined Terms	7
Breakeven Analysis	7
WHAT ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN THE FUND?	12
Risks Associated with Investing Directly or Indirectly in Agricultural Commodities	12
The Funds Operating Risks	17
Risk of Leverage and Volatility	26
Over the counter Contract Risk	27
Risk of Trading in International Markets	28
THE OFFERING	31
The Fund in General	31
The Sponsor	31
Prior Performance of the Fund	35
The Trustee	36
Operation of the Fund	37
Futures Contracts	38
Over the counter Derivatives	40
Other Trading Policies of the Fund	41
Benchmark Performance	42
The Funds Service Providers	42
Form of Shares	47
Transfer of Shares	47
Inter-Series Limitation on Liability	48
Plan of Distribution	48
Calculating NAV	49
Creation and Redemption of Shares	50
Secondary Market Transactions	54
Use of Proceeds	54
The Trust Agreement	55
The Sponsor Has Conflicts of Interest	57
Interests of Named Experts and Counsel	58
Provisions of Federal and State Securities Laws	59
Books and Records	59
Statements, Filings, and Reports to Shareholders	59
Fiscal Year	59
Governing Law	60
Legal Matters	60
Privacy Policy	61
U.S. Federal Income Tax Considerations	62
Investment by ERISA Accounts	72
INCORPORATION BY REFERENCE OF CERTAIN INFORMATION	75
INFORMATION YOU SHOULD KNOW	76
WHERE YOU CAN FIND MORE INFORMATION	77
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	78
APPENDIX A - Glossary of Defined Terms	79

PART TWO STATEMENT OF ADDITIONAL INFORMATION	82

	Per Share

Assumed initial selling price per share (1)	$22.01
Management Fee (2)	N/A
Estimated Brokerage Commissions (3)	$0.01
Other Fund Fees and Expenses (4) (5)	$0.03
Interest and Other Income (6)	$N/A
Amount of trading income (loss) required for the redemption value at the end of one year to equal the initial selling price of the share	$0.04
Percentage of initial selling price per share (7)	0.18%

Offering		The Fund’s Shares are listed on the NYSE Arca and investors may purchase and sell Shares through their broker-dealer. The Fund only offers Creation Baskets consisting of 12,500 Shares through the Distributor to Authorized Purchasers. Authorized Purchasers may purchase Creation Baskets consisting of 12,500 Shares at the Fund’s NAV.

Use of Proceeds		The Sponsor applies substantially all of the Fund’s assets toward investing in shares of the Underlying Funds, and each Underlying Fund in turn invests substantially all of its assets in the respective Benchmark Component Futures Contracts and cash equivalents. The Sponsor deposits a portion of each Underlying Fund’s net assets with its futures commission merchant (“FCM”) or other financial institutions to be used to meet its current or potential margin or collateral requirements in connection with its investment in Benchmark Component Futures Contracts. The Underlying Funds use only cash and cash equivalents to satisfy these requirements. The Sponsor expects that all entities that will hold or trade the Underlying Fund’s assets will be based in the United States and will be subject to United States regulations. The Sponsor believes that approximately 4-6% of each Underlying Fund’s assets will normally be committed as margin for Benchmark Component Futures Contracts. However, from time to time, the percentage of assets committed as margin/collateral may be substantially more, or less, than such range. The remaining portion of the Underlying Funds’ assets, and any residual portion of the Fund’s assets not invested in Shares of the Underlying Funds, are held in cash or cash equivalents. All interest or other income earned on these investments is retained for the Fund’s or Underlying Funds’ benefit.

NYSE Arca Symbol		“TAGS”

Creation and Redemption		Authorized Purchasers pay a $250 fee per order to create Creation Baskets, and a $250 fee per order for Redemption Baskets, which is paid to the Custodian. Authorized Purchasers are not required to sell any specific number or dollar amount of Shares. The per share price of Shares offered in Creation Baskets is the total NAV of the Fund calculated as of the close of the NYSE Arca on that day divided by the number of issued and outstanding Shares.

Inter-Series Limitation on Liability		While the Fund is currently one of five separate series of the Trust, additional series may be created in the future. The Trust has been formed and will be operated with the goal that the Fund and any other series of the Trust will be liable only for obligations of such series, and a series will not be responsible for or affected by any liabilities or losses of or claims against any other series. If any creditor or shareholder in any particular series (such as the Fund) were to successfully assert against a series a claim with respect to its indebtedness or Shares, the creditor or shareholder could recover only from that particular series and its assets. Accordingly, the debts and other obligations incurred, contracted for or otherwise existing solely with respect to a particular series will be enforceable only against the assets of that series, and not against any other series or the Trust generally or any of their respective assets. The assets of the Fund and any other series will include only those funds and other assets that are paid to, held by or distributed to the series on account of and for the benefit of that series, including, without limitation, amounts delivered to the Trust for the purchase of Shares in a series.

Registration Clearance and Settlement		Individual certificates are not issued for the Shares. Instead, Shares will be represented by one or more global certificates, which will be deposited by the transfer agent with the Depository Trust Company (“DTC”) and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Beneficial interests in Shares are held through DTC’s book-entry system, which means that Shareholders are limited to: (1) participants in DTC such as banks, brokers, dealers and trust companies (“DTC Participants”), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (“Indirect Participants”), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of investors holding Shares through such DTC Participants’ accounts in DTC will follow the delivery practice applicable to securities eligible for DTC’s Same-Day Funds Settlement System. Shares will be credited to DTC Participants’ securities accounts following confirmation of receipt of payment.

Fund and Underlying Fund Expenses		While the Fund does not pay the Sponsor a management fee, it indirectly pays its proportionate share of each Underlying Fund’s management fee, which is paid at an annual rate of 1.00% of each Underlying Fund’s average daily net assets.

		The Fund is also responsible for other ongoing fees, costs and expenses of its operations, including (i) brokerage and other fees and commissions incurred in connection with its trading activities; (ii) expenses incurred in connection with registering additional Shares of the Fund or offering Shares of the Fund; (iii) the routine expenses associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports required by applicable U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services of the Trustee, legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping, custody and transfer agency services, whether performed by an outside service provider or by Affiliates of the Sponsor; (vii) postage and insurance; (viii) costs and expenses associated with investor relations and services; (ix) costs of preparation of all federal, state, local and foreign tax returns and any taxes payable on the income, assets or operations of the Fund; (x) payment for marketing services; (xi) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto).

		Each Underlying Fund is also responsible for the ongoing fees, costs and expenses of its operations as described in the foregoing paragraph.

		The estimated amount of fees and expenses that are anticipated to be incurred in a single Share during the first twelve (12) months of ownership is $0.04 or 0.18% of the selling price. The total estimated fees and expenses are expressed as a percentage of the net asset value as of January 31, 2021. The Sponsor may, in its discretion, pay or reimburse the Fund or an Underlying Fund for, or waive a portion of its management fee for an Underlying Fund to offset, expenses that would otherwise be borne by the Fund or Underlying Fund.

		General expenses of the Trust will be allocated among the existing Teucrium Funds and any future series of the Trust as determined by the Sponsor in its discretion. The Trust may be required to indemnify the Sponsor, and the Trust and/or the Sponsor may be required to indemnify the Trustee, Distributor or Administrator, under certain circumstances.

	●	Risks Specific to Corn. Demand for corn in the United States to produce ethanol has also been a significant factor affecting the price of corn. In turn, demand for ethanol has tended to increase when the price of gasoline has increased and has been significantly affected by United States governmental policies designed to encourage the production of ethanol. Additionally, demand for corn is affected by changes in consumer tastes, national, regional and local economic conditions, and demographic trends. Finally, because corn is often used as an ingredient in livestock feed, demand for corn is subject to risks associated with the outbreak of livestock disease.
	●	Risks Specific to Wheat. Demand for food products made from wheat flour is affected by changes in consumer tastes, national, regional and local economic conditions, and demographic trends. More specifically, demand for such food products in the United States is relatively unaffected by changes in wheat prices or disposable income but is closely tied to tastes and preferences. For example, in recent years the increase in the popularity of low-carbohydrate diets caused the consumption of wheat flour to decrease rapidly before rebounding somewhat after 2005. Export demand for wheat fluctuates yearly, based largely on crop yields in the importing countries.

	●	The Fund and Underlying Funds incur certain expenses in connection with their operations, and the Underlying Funds hold most of their assets (other than commodity interests) in cash and cash equivalents for margin and other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis. These expenses and income cause imperfect correlation between the Fund’s performance and the combined performance of the Underlying Funds and the performance of the Underlying Funds and their respective Benchmarks. Your cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds’ shares.
	●	The Sponsor may not be able to invest an Underlying Fund’s assets in Benchmark Component Futures Contracts having an aggregate notional amount exactly equal to the Underlying Fund’s NAV. As a standardized contract, a single Futures Contract is for a specified amount of a Specified Commodity, and the Underlying Fund’s NAV and the proceeds from the sale of a creation basket of an Underlying Fund is unlikely to be an exact multiple of that amount. In such case, the Underlying Fund could not invest the entire proceeds from the purchase of the creation basket in such Futures Contracts. (For example, assuming the Underlying Fund receives $1,000,000 for the sale of Creation Baskets and that the value (i.e., the notional amount) of a Futures Contract relating to the Underlying Fund’s Specified Commodity is $35,000, the Underlying Fund could only enter into 28 Futures Contracts with an aggregate value of $980,000). While an Underlying Fund may be better able to achieve the exact amount of exposure to the market for its Specified Commodity through the use of over the counter other commodity interests, there is no assurance that the Sponsor will be able to continually adjust the Underlying Fund’s exposure to such other commodity interests to maintain such exact exposure.

Fiscal Year Ended December 31, 2020:	High	Low
Quarter Ended
March 31, 2020	$19.90	$16.14
June 30, 2020	$17.31	$15.81
September 30, 2020	$18.63	$16.89
December 31, 2020	$21.21	$18.44

Fiscal Year Ended December 31, 2019:	High	Low
Quarter Ended
March 31, 2019	$20.92	$19.16
June 30, 2019	$20.73	$18.19
September 30, 2019	$20.31	$17.92
December 31, 2019	$19.68	$18.67

Units of beneficial interest issued (from inception until February 28, 2021)	537,500
Aggregate gross sale price for units issued	$21,916,576
Pool NAV as of February 28, 2021	$5,123,473
NAV per Share as of February 28, 2021	$22.77
Largest monthly percentage drawdown*	-8.65% / Jun 2018
Worst peak to valley drawdown**	-70.07% / Jul 2012 - Apr 2021

Rates of Return*
Month	2016		2017		2018		2019		2020		2021
January	(1.54)	%	3.34	%	0.57	%	2.61	%	(2.19)	%	4.18	%
February	(1.72)	%	(0.29)	%	2.67	%	(3.98)	%	(2.75)	%	3.46	%
March	3.93	%	(5.97)	%	(2.98)	%	(2.60)	%	(7.41)	%		%
April	5.65	%	(2.16)	%	0.09	%	(3.59)	%	(4.63)	%		%
May	1.03	%	(2.32)	%	1.32	%	6.17	%	0.03	%		%
June	0.91	%	2.91	%	(8.65)	%	0.85	%	1.21	%		%
July	(6.28)	%	1.00	%	1.47	%	(3.94)	%	1.99	%		%
August	(3.82)	%	(6.47)	%	(4.48)	%	(5.42)	%	4.23	%		%
September	4.78	%	(0.72)	%	(2.20)	%	3.86	%	3.50	%		%
October	1.65	%	(1.27)	%	3.65	%	0.59	%	1.39	%		%
November	(4.41)	%	(0.47)	%	0.34	%	(0.87)	%	4.29	%		%
December	(0.38)	%	(1.60)	%	(2.31)	%	4.05	%	8.28	%		%
Annual Rate of Return	(0.98)	%	(13.60)	%	(10.64)	%	(3.02)	%	7.14	%	7.79	%**

	Three Month	Year to Date	3 Year Annualized	5 Year Annualized	Inception Annualized
NAV	14.50%	7.14%	-2.44%	-4.50%	-9.36%
Price	15.20%	8.21%	-1.37%	-4.34%	-9.32%
Benchmark (TTAGS)	14.73%	7.66%	-1.91%	-3.94%	-8.86%

Service Provider	Compensation Paid by the Fund	Compensation Paid by the Underlying Funds
Teucrium Trading, LLC, Sponsor	None.	1.00% of average net assets annually
U.S. Bank, N.A., Custodian	For custody services: 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges	For custody services: 0.0075% of average gross assets up to $1 billion, and .0050% of average gross assets over $1 billion, annually, plus certain per-transaction charges
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, Transfer Agent, Fund Accountant and Fund Administrator	For Transfer Agency, Fund Accounting and Fund Administration services, based on the total assets for all the Funds in the Trust: 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund.	For Transfer Agency, Fund Accounting and Fund Administration services, based on the total assets for all the Funds in the Trust: 0.05% of average gross assets on the first $500 million, 0.04% on the next $500 million, 0.03% on the next $2 billion and 0.02% on the balance over $3 billion annually. A combined minimum annual fee of $47,000 for custody, transfer agency, accounting and administrative services is assessed per Fund.
Foreside Fund Services, LLC, Distributor	For reimbursement of expenses including sales and advertising FINRA filing fees, and other miscellaneous expenses incurred in connection with the provision of distribution services on behalf of the Fund, not to exceed $6,000 for the two-year period of May 1, 2020 to May 1, 2022 (the “two year offering period”). The fees which will be paid to the Distributor by the Fund for distribution services will not exceed $21,500 for the two-year offering period. The total amount of the SASA fee allocated to the Fund is estimated to be approximately $500 for the two-year offering period. The total amount of expenses to be reimbursed under the SASA allocated to the Fund is estimated to be approximately $400 for the two-year offering period.	The Distributor receives a fee of 0.01% of the Fund’s average daily net assets and an aggregate annual fee of $100,000 for all Teucrium Funds, along with certain expense reimbursements. Expense reimbursements consist of costs for sales and advertising review fees and will not exceed $24,000 for the two-year period of May 1, 2020 to May 1, 2022. The total maximum base fee and basis point fee for the two-year offering period equals $500,000. Therefore, the maximum amount of fees the Distributor could receive from the Underlying Funds for distribution services with respect to this offering equals $500,000. Under the Securities Activities and Service Agreement, the Distributor receives compensation for its activities on behalf of all the Teucrium Funds, which is estimated not to exceed an aggregate for the Teucrium Funds of $25,500 per year and $51,000 for the two-year offering period. Of this $51,000 mentioned above, all will be allocated to the Underlying Funds. In addition, the Distributor receives certain expense reimbursements relating to the registration, continuing education and other administrative expenses of the Registered Representatives in relation to the Teucrium Funds, currently estimated at $20,950 per year and $41,900 for the two-year offering period. Of this $41,900 mentioned above, all will be allocated to the Underlying Funds.

Broker-Dealers	As negotiated with the particular broker-dealer.	N/A

Wilmington Trust Company, Trustee	None	$3,300 annually

Employees of the Sponsor Registered with the Distributor (the “Registered Representatives”)	For services provided to the Fund, $7,500, such amount to be paid by the Sponsor; for marketing and wholesaling services, $2,000, such amount to be paid by the Sponsor.	N/A

	Year Ended December 31, 2020	Year Ended December 31, 2019	Year Ended December 31, 2018
Recognized Related Party Transactions	$10,906	$13,711	$18,186
Waived Related Party Transactions	$9,518	$11,641	$13,526

	Per Share
Professional Fees1	$-
Distribution and Marketing Fees2	$0.03
Custodian Fees and Expenses3	$-
General and Administrative Fees4	$-
Business Permits and Licenses	$-
Other Expenses	$-
Total Other Fund Fees and Expenses	$0.03

	●	circumstances outside the control of the Sponsor, Distributor or transfer agent make it, for all practical purposes, not feasible to process creations of baskets;
	●	there is a possibility that any or all of the Benchmark Component Futures Contracts of an Underlying Fund on the futures exchange from which the NAV of that Underlying Fund is calculated will be priced at a daily price limit restriction; or

(1) Title of Class	(2) Name and Address of Beneficial Owner	(3) Amount and Nature of Beneficial Ownership	(4) Percent of Class
TAGS	Jane Street Capital LLC New York, NY	9,571 common units (1)	12.76%
TAGS	Gregory A. Toufayan Saddle River, NJ	5,000 common units (1)	6.67%
TAGS	Yuqian Xu and Chunhua Qian Shanghai, China	4,400 common units (1)	5.87%

(1) Title of Class	(2) Name of Beneficial Owner	(3) Amount and nature of Beneficial Ownership	(4) Percent of Class
TAGS	Sal Gilbertie	2,300 common units	1.67%

	Page
Market Outlook	84
Over the counter Derivatives	94
Commodity Market Participants	96
Regulation	96
Potential Advantages of Investment	100
Fund Performance	100

U.S. Corn Supply/Demand Balance
Marketing Year September - August
Million Bushels
											April 9 Est.	19-20 to	April 9 Est.	20-21 to
											USDA	18-19	USDA	19-20
Crop Year	09-10	10-11	11-12	12-13	13-14	14-15	15-16	16-17	17-18	18-19	19-20	% Change	20-21	% Change
Planted Acres	86.4	88.2	91.9	97.3	95.4	90.6	88.0	94.0	90.2	88.9	89.7	1%	90.8	1%
Harvested Acres	79.5	81.4	84.0	87.4	87.5	83.1	80.8	86.7	82.7	81.3	81.3	0%	82.5	1%
Difference	6.9	6.8	7.9	9.9	7.9	7.5	7.2	7.3	7.5	7.6	8.4	11%	8.3	-1%
Yield	164.7	152.8	147.2	123.1	158.1	171.0	168.4	174.6	176.6	176.4	167.5	-5%	172.0	3%

Beginning Stocks	1,673	1,708	1,128	989	821	1,232	1,731	1,737	2,293	2,140	2,221	4%	1,919	-14%
Production	13,092	12,447	12,360	10,755	13,829	14,216	13,602	15,148	14,609	14,340	13,620	-5%	14,182	4%
Imports	8	28	29	160	36	32	68	57	36	28	42	50%	25	-40%
Total Supply	14,774	14,182	13,516	11,904	14,686	15,479	15,401	16,942	16,939	16,509	15,883	-4%	16,127	2%

Feed	5,125	4,793	4,545	4,315	5,040	5,280	5,114	5,470	5,304	5,429	5,897	9%	5,700	-3%
Food/Seed/Industrial	5,961	6,428	6,439	6,038	6,493	6,601	6,648	6,885	7,057	6,793	6,287	-7%	6,400	2%
Ethanol for Fuel(incld above)	4,591	5,021	5,011	4,641	5,124	5,200	5,224	5,432	5,605	5,378	4,857	-10%	4,975	2%
Exports	1,980	1,834	1,543	730	1,920	1,867	1,901	2,294	2,438	2,066	1,778	-14%	2,675	50%
Total Usage	13,066	13,055	12,527	11,083	13,454	13,748	13,664	14,650	14,798	14,288	13,963	-2%	14,775	6%

Ending Stocks (Inventory)	1,708	1,128	989	821	1,232	1,731	1,737	2,293	2,140	2,221	1,919	-14%	1,352	-30%

Stocks/Use Ratio	13%	9%	8%	7%	9%	13%	13%	16%	14%	16%	14%	-12%	9%	-33%
farm Price ($/bushel)	$ 3.55	$ 5.18	$ 6.22	$ 6.89	$ 4.46	$ 3.70	$ 3.61	$ 3.36	$3.36	$3.61	$3.56		$4.30

Calculations:
Demand per day (incld expt)¹	35.8	35.8	34.3	30.4	36.9	37.7	37.4	40.1	40.5	39.1	38.3	-2%	40.5	6%
Carry-out days supply	47.7	31.5	28.8	27.0	33.4	46.0	46.4	57.1	52.8	56.7	50.2	-12%	33.4	-33%
¹ in millions of bushels per day

U.S. Soybean Supply/Demand Balance
Marketing Year September - August
Million Bushels
											April 9 Est.	19-20 to	April 9 Est.	20-21 to
											USDA	18-19	USDA	19-20
Crop Year	09-10	10-11	11-12	12-13	13-14	14-15	15-16	16-17	17-18	18-19	19-20	% Change	20-21	% Change
Planted Acres	77.5	77.4	75.0	77.2	76.8	83.3	82.7	83.5	90.2	89.2	76.1	-15%	83.1	9%
Harvested Acres	76.4	76.6	73.8	76.1	76.3	82.6	81.7	82.7	89.5	87.6	74.9	-14%	82.3	10%
Difference	1.1	0.8	1.2	1.0	0.5	0.7	1.0	0.8	0.7	1.6	1.2	-25%	0.8	-33%
Yield	44.0	43.5	41.9	40.0	44.0	47.5	48.0	51.9	49.3	50.6	47.4	-6%	50.2	6%

Beginning Stocks	138	151	215	169	141	92	191	197	302	438	909	108%	525	-42%
Production	3,359	3,329	3,094	3,042	3,358	3,927	3,926	4,296	4,412	4,428	3,552	-20%	4,135	16%
Imports	15	14	16	41	72	33	24	22	22	14	15	7%	35	133%
Total Supply	3,512	3,495	3,325	3,252	3,570	4,052	4,140	4,516	4,735	4,880	4,476	-8%	4,695	5%

Crushings	1,752	1,648	1,703	1,689	1,734	1,873	1,886	1,901	2,055	2,092	2,165	3%	2,190	1%
Seed, Feed and Residual	110	131	89	105	107	146	115	147	109	127	105	-17%	106	1%
Exports	1,499	1,501	1,365	1,317	1,638	1,842	1,942	2,166	2,134	1,752	1,682	-4%	2,280	36%
Total Usage	3,361	3,280	3,155	3,111	3,478	3,862	3,944	4,214	4,297	3,971	3,952	0%	4,575	16%

Ending Stocks (Inventory)	151	215	169	141	92	191	197	302	438	909	525	-42%	120	-77%

Stocks/Use Ratio	4.5%	6.6%	5.4%	4.5%	2.6%	4.9%	5.0%	7.2%	10.2%	22.9%	13%	-42%	2.6%	-80%
farm Price ($/bushel)	$ 9.59	$ 11.30	$ 12.50	$ 14.40	$ 13.00	$ 10.10	$ 8.95	$ 9.47	$9.33	$8.48	$8.57		$11.25

Calculations:
Demand per day (incld expt)¹	9.2	9.0	8.6	8.5	9.5	10.6	10.8	11.5	11.8	10.9	10.8	0%	12.5	16%
Carry-out days supply	16.4	23.9	19.6	16.6	9.7	18.1	18.2	26.2	37.2	83.6	48.5	-42%	9.6	-80%
¹ in millions of bushels per day

U.S. Wheat Supply/Demand Balance
Marketing Year June - May
Million Bushels
											April 9 Est.	19-20 to	April 9 Est.	20-21 to
											USDA	18-19	USDA	19-20
Crop Year	09-10	10-11	11-12	12-13	13-14	14-15	15-16	16-17	17-18	18-19	19-20	% Change	20-21	% Change
Planted Acres	59.2	53.6	54.4	55.3	56.2	56.8	55.0	50.1	46.1	47.8	45.5	-5%	44.3	-3%
Harvested Acres	49.9	47.6	45.7	48.8	45.3	46.4	47.3	43.8	37.6	39.6	37.4	-6%	36.7	-2%
Difference	9.3	6.0	8.7	6.5	10.9	10.4	7.7	6.3	8.5	8.2	8.1	-1%	7.6	-6%
Yield	44.5	46.3	43.7	46.2	47.1	43.7	43.6	52.7	46.4	47.6	51.7	9%	49.7	-4%

Beginning Stocks	657	976	862	743	718	590	752	976	1,181	1,099	1,080	-2%	1,028	-5%
Production	2,218	2,207	1,999	2,252	2,135	2,026	2,062	2,309	1,741	1,885	1,932	2%	1,826	-5%
Imports	119	97	112	123	173	151	113	118	158	135	105	-22%	110	5%
Total Supply	2,993	3,279	2,974	3,118	3,026	2,768	2,927	3,402	3,080	3,119	3,117	0%	2,964	-5%

Food	919	926	941	951	955	958	957	949	964	954	962	1%	965	0%
Seed	69	71	76	73	77	79	67	61	63	59	60	2%	63	5%
Feed and residual	150	132	164	364	228	114	149	160	47	88	101	15%	100	-1%
Exports	879	1,289	1,050	1,012	1,176	864	778	1,051	906	937	965	3%	985	2%
Total Usage	2,018	2,417	2,231	2,400	2,436	2,015	1,951	2,222	1,981	2,039	2,089	2%	2,113	1%

Ending Stocks (Inventory)	976	862	743	718	590	752	976	1,181	1,099	1,080	1,028	-5%	852	-17%

Stocks/Use Ratio	48.4%	35.7%	33.3%	29.7%	24.2%	37.3%	50.0%	53.2%	55.5%	53.0%	49.2%	-7%	40.3%	-18%
farm Price ($/bushel)	$ 4.87	$ 5.70	$ 7.24	$ 7.77	$ 6.87	$ 5.99	$ 4.89	$ 3.89	$4.72	$5.16	$4.58		$5.00

Calculations:
Demand per day (incld expt)¹	5.5	6.6	6.1	6.6	6.7	5.5	5.3	6.1	5.4	5.6	5.7	2%	5.8	1%
Carry-out days supply	176.5	130.2	121.6	108.6	88.4	136.2	182.6	194.0	202.5	193.3	179.6	-7%	147.2	-18%
¹ in millions of bushels per day

Commodity Future	Spot Month Position Limit	All Month Aggregate Position Limit
corn	1,200 contracts	57,800 contracts
soybean	1,200 contracts	27,300 contracts
sugar	5,000 contracts	Only Accountability Limits
wheat	1,200 contracts	19,300 contracts

	Amount
SEC registration fee (actual)	n/a
NYSE Arca Listing Fee (actual)	n/a
FINRA filing fees (actual)	n/a
Blue Sky expenses	n/a
Auditor’s fees and expenses	$3,000
Legal fees and expenses	$10,000
Printing expenses	$1,500
Miscellaneous expenses	n/a
Total	$14,500

	3.1	Fifth Amended and Restated Declaration of Trust and Trust Agreement. (1)
	3.2	Certificate of Trust of the Registrant. (2)
	5.1	Opinion of Vedder Price P.C. relating to the legality of the Shares.*
	8.1	Opinion of Vedder Price P.C. with respect to federal income tax consequences.*
	10.1	Form of Authorized Purchaser Agreement (included as Exhibit B to the Fifth Amended and Restated Declaration of Trust and Trust Agreement). (1)
	10.2	Amended and Restated Distribution Services Agreement. (3)
	10.3	Amendment to Amended and Restated Distribution Services Agreement. (4)
	10.4	Second Amendment to Amended and Restated Distribution Services Agreement. (5)
	10.5	Third Amendment to Amended and Restated Distribution Services Agreement. (6)
	10.6	Fourth Amendment to Amended and Restated Distribution Services Agreement. (7)
	10.7	Fifth Amendment to Amended and Restated Distribution Services Agreement. (14)

	10.8	Custody Agreement. (8)
	10.9	First Amendment to the Custody Agreement. (13)
	10.10	Fund Accounting Servicing Agreement. (9)
	10.11	First Amendment to the Accounting Servicing Agreement. (13)
	10.12	Transfer Agent Servicing Agreement. (10)
	10.13	First Amendment to the Transfer Agent Servicing Agreement. (13)
	10.14	Fund Administration Servicing Agreement. (11)
	10.15	First Amendment to the Fund Administration Servicing Agreement. (13)
	10.16	Distribution Consulting and Marketing Services Agreement (12)
	23.1	Consents of Vedder Price P.C. (included in Exhibits 5.1 and 8.1).*
	23.2	Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm.*
	24.1	Power of Attorney (included on signature page to this Registration Statement as filed herein).


Teucrium Commodity Trust

By: Teucrium Trading, LLC, Sponsor

By:	/s/ Sal Gilbertie	Date: April 19, 2021
	Sal Gilbertie Principal Executive Officer, Secretary and Member


Signature	Title	Date


/s/ Sal Gilbertie Sal Gilbertie	President/Chief Executive Officer/Chief Investment Officer/Member of the Sponsor	April 19, 2021

/s/ Cory Mullen-Rusin Cory Mullen-Rusin	Chief Financial Officer/Chief Accounting Officer/Chief Compliance Officer/Principal Financial Officer	April 19, 2021

/s/ Steve Kahler Steve Kahler	Chief Operating Officer	April 19, 2021