Trading Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of gross and net amounts recognized relating to assets and liabilities of partnership's derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar arrangements as of December 31, 2023 and 2022, respectively.


				Gross Amounts Offset in the Consolidated Statements of Financial Condition			Amounts Presented in the Consolidated Statements of Financial Condition			Gross Amounts Not Offset in the Consolidated Statements of Financial Condition
December 31, 2023	Gross Amounts Recognized									Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	4,050,808		$	(4,050,808	)	$	-		$	-	$	-	$	-
Forwards		4,092,756			(4,092,756	)		-			-		-		-

		8,143,564			(8,143,564	)		-			-		-		-
JPMorgan
Forwards		51,219			(51,219	)		-			-		-		-

Total assets	$	8,194,783		$	(8,194,783	)	$	-		$	-	$	-	$	-

Liabilities
MS&Co.
Futures	$	(4,570,043	)	$	4,050,808		$	(519,235	)	$	-	$	519,235	$	-
Forwards		(5,868,972	)		4,092,756			(1,776,216	)		-		1,776,216		-

		(10,439,015	)		8,143,564			(2,295,451	)		-		2,295,451		-
JPMorgan
Forwards		(128,041	)		51,219			(76,822	)		-		76,822		-

Total liabilities	$	(10,567,056	)	$	8,194,783		$	(2,372,273	)	$	-	$	2,372,273	$	-

Net fair value														$	-	*


				Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
December 31, 2022 (1)	Gross Amounts Recognized								Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	3,786,495		$	(3,615,922	)	$	170,573	$	-	$	-	$	170,573
Forwards		2,474,696			(2,021,304	)		453,392		-		-		453,392

Total assets	$	6,261,191		$	(5,637,226	)	$	623,965	$	-	$	-	$	623,965

Liabilities
Futures	$	(3,615,922	)	$	3,615,922		$	-	$	-	$	-	$	-
Forwards		(2,021,304	)		2,021,304			-		-		-		-

Total liabilities	$	(5,637,226	)	$	5,637,226		$	-	$	-	$	-	$	-

Net fair value													$	623,965	*

Summary of gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2023 and 2022, respectively.


	December 31, 2023
Assets
Futures Contracts
Currencies	$	213,492
Energy		161,745
Grains		375,418
Indices		991,165
Interest Rates U.S.		93,101
Interest Rates Non-U.S.		726,694
Livestock		122,423
Metals		254,138
Softs		1,112,632

Total unrealized appreciation on open futures contracts		4,050,808


Liabilities
Futures Contracts
Currencies		(253,517	)
Energy		(754,945	)
Grains		(575,307	)
Indices		(660,445	)
Interest Rates U.S.		(789,921	)
Interest Rates Non-U.S.		(927,673	)
Livestock		(58,085	)
Metals		(128,916	)
Softs		(421,234	)

Total unrealized depreciation on open futures contracts		(4,570,043	)

Net unrealized depreciation on open futures contracts	$	(519,235	)	*


Assets
Forward Contracts
Currencies	$	3,324,371
Metals		819,604

Total unrealized appreciation on open forward contracts		4,143,975


Liabilities
Forward Contracts
Currencies		(4,651,461	)
Metals		(1,345,552	)

Total unrealized depreciation on open forward contracts		(5,997,013	)

Net unrealized depreciation on open forward contracts	$	(1,853,038	)	**

*	This amount is in “Net unrealized depreciation on open futures contracts” in the Consolidated Statements of Financial Condition.

**	This amount is in “Net unrealized depreciation on open forward contracts” in the Consolidated Statements of Financial Condition.


	December 31, 2022 (1)
Assets
Futures Contracts
Currencies	$	31,641
Energy		660,818
Grains		532,838
Indices		394,363
Interest Rates U.S.		318,625
Interest Rates Non-U.S.		1,615,714
Livestock		51,880
Metals		63,530
Softs		117,086

Total unrealized appreciation on open futures contracts		3,786,495


Liabilities
Futures Contracts
Currencies		(67,887	)
Energy		(51,220	)
Grains		(343,358	)
Indices		(1,940,370	)
Interest Rates U.S.		(211,976	)
Interest Rates Non-U.S.		(790,578	)
Livestock		(13,450	)
Metals		(37,863	)
Softs		(159,220	)

Total unrealized depreciation on open futures contracts		(3,615,922	)

Net unrealized appreciation on open futures contracts	$	170,573		*


Assets
Forward Contracts
Currencies	$	2,005,546
Metals		469,150

Total unrealized appreciation on open forward contracts		2,474,696


Liabilities
Forward Contracts
Currencies		(1,604,184	)
Metals		(417,120	)

Total unrealized depreciation on open forward contracts		(2,021,304	)

Net unrealized appreciation on open forward contracts	$	453,392		**

(1)	Not consolidated.

*	This amount is in “Net unrealized appreciation on open futures contracts” in the Consolidated Statements of Financial Condition.

**	This amount is in “Net unrealized appreciation on open forward contracts” in the Consolidated Statements of Financial Condition.

Trading gains and losses, by market sector, on derivative instruments

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2023, 2022 and 2021, respectively.


Sector	2023				2022 (1)				2021 (1)
Currencies	$	(4,518,431	)		$	10,675,253			$	2,285,525
Energy		(100,763	)			8,460,214				8,868,835
Grains		(1,074,796	)			1,189,266				2,837,873
Indices		2,380,229				(2,499,428	)			5,799,611
Interest Rates U.S.		73,432				5,425,496				(5,368,158)
Interest Rates Non-U.S.		(3,909,061	)			7,026,148				(6,655,091)
Livestock		298,085				(209,595	)			(425,918)
Metals		(3,128,072	)			267,087				414,121
Softs		1,171,254				(594,050	)			1,784,978

Total	$	(8,808,123	)	***	$	29,740,391		***	$	9,541,776	***

(1)	Not consolidated.

***	This amount is in “Total trading results” in the Consolidated Statements of Income and Expenses.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Ceres Classic L.P. 10-K