Teucrium Commodity Trust (the “Trust”), a Delaware statutory trust, reported a net loss of $47.86 million for the year ended December 31, 2024, compared to a net loss of $73.46 million in 2023 and a net loss of $78.17 million in 2022. The Trust consists of five series (Funds): Teucrium Corn Fund (CORN), Teucrium Sugar Fund (CANE), Teucrium Soybean Fund (SOYB), Teucrium Wheat Fund (WEAT), and Teucrium Agricultural Fund (TAGS). A previous series, Hashdex Bitcoin Futures ETF, was liquidated on January 3, 2024, following a merger with a series of Tidal Commodities Trust I. The Trust's total assets decreased from $325.96 million in 2023 to $241.69 million in 2024.
Significant year-over-year changes in net asset values per share were observed across the agricultural Funds. CORN's NAV per share decreased from $21.61 to $18.76, SOYB's decreased from $27.03 to $21.47, CANE's decreased from $12.44 to $11.41, and WEAT's decreased from $5.98 to $4.83. TAGS, which invests in the other agricultural Funds, saw its NAV per share decline from $29.45 to $25.10. These decreases were attributed to a combination of commodity price depreciation and investor outflows. The Trust's total expenses, net of expenses waived by the Sponsor, were $8.45 million in 2024, compared to $9.65 million in 2023 and $11.75 million in 2022.
The Trust's operations are managed by Teucrium Trading, LLC (the “Sponsor”), which also serves as the investment advisor. The Sponsor's management team consists of a Chief Executive Officer, Chief Investment Officer, Chief Operating Officer, and Chief Financial Officer. The Sponsor reported no material legal proceedings during the reporting period, except for a settlement agreement resolving claims against it and certain individuals. The Trust's key service providers include U.S. Bank, N.A. (custodian), U.S. Bank Global Fund Services (administrator and transfer agent), PINE Distributors LLC (marketing agent), and Marex Capital Markets, Inc. and StoneX Financial Inc. (clearing brokers).
Operational developments included the creation and redemption of shares, primarily through authorized purchasers. The number of shares outstanding varied across the Funds, reflecting investor activity. The Trust's financial statements include details on the composition of its investments, including cash equivalents, commercial paper, and commodity futures contracts. The Trust's investment strategy focuses on tracking benchmarks for each commodity, with periodic rebalancing of positions.
The filing includes forward-looking statements regarding market conditions and the Trust's future operations. The Sponsor acknowledges several risk factors, including market risk, credit risk, regulatory changes, and liquidity risk. The outlook for the agricultural commodity markets is described as volatile, influenced by geopolitical events, weather patterns, and global supply and demand dynamics. The Trust's management believes that its internal control over financial reporting is effective.
About Teucrium Commodity Trust
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