Ceres Tactical Commodity 10-K 28 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	ck0001325676
Entity Registrant Name	CERES TACTICAL COMMODITY L.P.
Entity Central Index Key	1,325,676
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		79,216.7827
Entity Public Float			$ 123,595,031

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
Investment in the Master, at fair value (Note 1)	$ 105,585,464	$ 137,625,666
Cash at MS&Co. (Note 3c)	231,090	283,704
Cash at bank (Note 1)	217
Total assets	105,816,771	137,909,370
Accrued expenses:
Ongoing selling agent fees (Note 3d)	176,361	229,849
Management fees (Note 3b)	109,799	143,148
General Partner fees (Note 3a)	87,839	114,519
Professional fees	233,661	257,197
Redemptions payable to Limited Partners (Note 6)	1,776,067	4,872,125
Total liabilities	2,383,727	5,616,838
Partners' Capital (Notes 1 and 6)
Total partners' capital (net asset value)	103,433,044	132,292,532
Total liabilities and partners' capital	105,816,771	137,909,370
Class A [Member]
Partners' Capital (Notes 1 and 6)
General Partner, 904.7535 and 1,310.9445 Redeemable Units outstanding at December 31, 2016 and 2015, respectively	1,208,476	1,662,770
Limited Partners, 76,532.7527 and 102,989.8117 Redeemable Units outstanding at December 31, 2016 and 2015, respectively	$ 102,224,568	$ 130,629,762
Net asset value per Redeemable Unit	$ 1,335.70	$ 1,268.38

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - Class A [Member] - shares	Dec. 31, 2016	Dec. 31, 2015
General Partner, Redeemable Units outstanding	904.7535	1,310.9445
Limited Partners, Redeemable Units outstanding	76,532.7527	102,989.8117

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Income:
Interest income allocated from the Master (Note 3c)		$ 233,243	$ 3,602	$ 34,622
Expenses:
Expenses allocated from the Master		2,366,798	3,254,349	4,139,981
Ongoing selling agent fees (Note 3d)		2,389,918	3,682,073	6,292,054
Management fees (Note 3b)		1,488,211	2,294,402	2,985,158
General Partner fees (Note 3a)		1,190,569	1,835,521	1,420,466
Professional fees		422,490	421,428	446,773
Total expenses		7,857,986	11,487,773	15,284,432
Net investment loss		(7,624,743)	(11,484,171)	(15,249,810)
Net gains (losses) on investment in the Master:
Net realized gains (losses) on closed contracts allocated from the Master		14,272,175	(2,595,140)	6,751,678
Net change in unrealized gains (losses) on open contracts allocated from the Master		(272,777)	(1,504,222)	(187,312)
Total trading results		13,999,398	(4,099,362)	6,564,366
Net income (loss)		$ 6,374,655	$ (15,583,533)	$ (8,685,444)
Class A [Member]
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit (Note 7)	[1]	$ 67.32	$ (129.88)	$ (49.75)
Weighted average Redeemable Units outstanding		89,440.9985	133,134.7727	162,465.6940
[1]	Represents the change in net asset value per Redeemable Unit.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Class A [Member]	Limited Partners [Member]Class A [Member]	General Partner [Member]Class A [Member]
Net asset value per Redeemable Unit			$ 1,448.01
Beginning balance at Dec. 31, 2013	$ 259,723,302		$ 256,684,632	$ 3,038,670
Net income (loss)	(8,685,444)		(8,601,827)	(83,617)
Subcriptions of 10,331.2640, 8,138.7880 and 2,045.3940 Redeemable Units for the period ending 2014, 2015 and 2016 and 89.2760 General Partner Redeemable Units for the period ending 2015 respectively	14,734,486		14,734,486
Redemptions of 44,156.1010, 48,591.4680 and 28,502.4530 Redeemable Units and 450.0690, 426.7770 and 406.1910 General Partner Redeemable Units for the year ending 2014, 2015 and 2016	(62,896,985)		(62,246,893)	(650,092)
Ending balance at Dec. 31, 2014	202,875,359		$ 200,570,398	2,304,961
Net asset value per Redeemable Unit		$ 1,398.26	$ 1,398.26
Net income (loss)	(15,583,533)		$ (15,413,147)	(170,386)
Subcriptions of 10,331.2640, 8,138.7880 and 2,045.3940 Redeemable Units for the period ending 2014, 2015 and 2016 and 89.2760 General Partner Redeemable Units for the period ending 2015 respectively	11,519,286		11,394,455	124,831
Redemptions of 44,156.1010, 48,591.4680 and 28,502.4530 Redeemable Units and 450.0690, 426.7770 and 406.1910 General Partner Redeemable Units for the year ending 2014, 2015 and 2016	(66,518,580)		(65,921,944)	(596,636)
Ending balance at Dec. 31, 2015	132,292,532		$ 130,629,762	1,662,770
Net asset value per Redeemable Unit		1,268.38	$ 1,268.38
Net income (loss)	6,374,655		$ 6,297,355	77,300
Subcriptions of 10,331.2640, 8,138.7880 and 2,045.3940 Redeemable Units for the period ending 2014, 2015 and 2016 and 89.2760 General Partner Redeemable Units for the period ending 2015 respectively	2,599,667		2,599,667
Redemptions of 44,156.1010, 48,591.4680 and 28,502.4530 Redeemable Units and 450.0690, 426.7770 and 406.1910 General Partner Redeemable Units for the year ending 2014, 2015 and 2016	(37,833,810)		(37,302,216)	(531,594)
Ending balance at Dec. 31, 2016	$ 103,433,044		$ 102,224,568	$ 1,208,476
Net asset value per Redeemable Unit		$ 1,335.70	$ 1,335.70

Statements of Changes in Partn6

Statements of Changes in Partners' Capital (Parenthetical) - Class A [Member] - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Limited Partners [Member]
Subscriptions of Redeemable Units and General Partner Redeemable Units	2,045.394	8,138.7880	10,331.264
Redemptions, Redeemable Units	28,502.4530	48,591.4680	44,156.1010
General Partner [Member]
Subscriptions of Redeemable Units and General Partner Redeemable Units		89.2760
Redemptions, Redeemable Units	406.1910	426.7770	450.0690

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: Ceres Tactical Commodity L.P. (formerly, Managed Futures Premier Aventis II L.P.) (the “Partnership”) is a limited partnership organized on April 20, 2005 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of commodity interests on U.S. and international futures, options on futures and forward markets. The Partnership may also engage, directly or indirectly, in swap transactions and other derivative transactions with the approval of the General Partner (as defined below). Initially, the Partnership’s investment strategy focused on energy and energy-related investments. While the Partnership is expected to continue to have significant exposure to energy and energy-related markets, such trading will no longer be the Partnership’s primary focus. Therefore, the Partnership’s past trading performance will not necessarily be indicative of future results. The sectors traded include energy, grains, livestock, metals and softs. The commodity interests that are traded by the Partnership, through its investment in MB Master Fund L.P. (the “Master”), are volatile and involve a high degree of market risk. The General Partner may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Master) in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. During the initial offering period, the Partnership sold 11,925 redeemable units of limited partnership interest (“Redeemable Units”). The Partnership commenced trading on September 6, 2005. The Partnership privately and continuously offers Redeemable Units to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. At December 31, 2016, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings was ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. All trading decisions for the Partnership are made by Aventis Asset Management, LLC (“Aventis” or the “Advisor”). During the periods covered by this report, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership and the Master also deposit a portion of their cash in non-trading accounts at JPMorgan Chase Bank, N.A. On February 1, 2013, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in the Master with cash equal to $262,944,186. The Master permits accounts managed by Aventis using its Aventis Diversified Commodity Strategy, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the Master. The General Partner and the Advisor believe that trading through this structure should promote efficiency and economy in the trading process. Generally, a limited partner in the Master withdraws all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner in the Master elects to redeem and informs the Master. However, a limited partner in the Master may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day. The financial statements of the Master, including the Condensed Schedules of Investments, are contained elsewhere in this report and should be read together with the Partnership’s financial statements. At December 31, 2016 and 2015, the Partnership owned approximately 88.1% and 86.4%, respectively, of the Master. The performance of the Partnership is directly affected by the performance of the Master. Expenses to investors as a result of the investment in the Master are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected. The Partnership will be liquidated upon the first to occur of the following: December 31, 2055; the net asset value per Redeemable Unit decreases to less than $400 as of a close of any business day; or under certain other circumstances as defined in the limited partnership agreement of the Partnership (the “Limited Partnership Agreement”). In addition, the General Partner may, in its sole discretion, cause the Partnership to dissolve if the Partnership’s aggregate net assets decline to less than $1,000,000. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates. b. Profit Allocation. c. Statement of Cash Flows d. Partnership’s Investment. Master’s Investments. e. Fair Value of Financial Instruments “Financial Instruments,” f. Income Taxes. g. Investment Company Status. Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements h. Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies i. Recent Accounting Pronouncement. Recognition and Measurement of Financial Assets and Financial Liabilities

Agreements

Agreements	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Agreements	3. Agreements: a. Limited Partnership Agreement: The General Partner administers the business and affairs of the Partnership, including selecting one or more advisors to make trading decisions for the Partnership. Prior to October 1, 2014, the Partnership paid the General Partner a monthly General Partner fee in return for its services to the Partnership equal to 1/24 of 1% (0.5% per year) of month-end Net Assets of the Partnership. Effective October 1, 2014, the General Partner fee was increased to 1/12 of 1% (1.00% per year) of month-end Net Assets of the Partnership. Month-end Net Assets, for the purpose of calculating General Partner fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s management fee, incentive fee accrual, the General Partner fee and any redemptions or distributions as of the end of such month. This fee may be increased or decreased at the discretion of the General Partner. b. Management Agreement: The General Partner, on behalf of the Partnership, entered into a management agreement (the “Management Agreement”) with Aventis, a registered commodity trading advisor. Aventis is not affiliated with the General Partner or MS&Co. and is not responsible for the organization or operation of the Partnership. Prior to March 1, 2014, the Partnership paid Aventis a monthly management fee equal to 1/12 of 1.5% (1.5% per year) of month-end Net Assets allocated to Aventis. Effective March 1, 2014, Aventis reduced the management fee rate to 1/12 of 1.25% (1.25% per year) of month-end Net Assets allocated to Aventis. Month-end Net Assets, for the purpose of calculating management fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s management fee, incentive fee, the General Partner fee and any redemptions or distributions as of the end of such month. Aventis also receives an incentive fee, the value of which will be equal to 20% of the New Trading Profits, as defined in the Management Agreement, earned on behalf of the Partnership during each calendar quarter. The Management Agreement can be terminated upon notice by either party. In allocating substantially all the assets of the Partnership to the Advisor, the General Partner considers, among other things, the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets to the Advisor at any time. c. Customer Agreement: The Partnership has entered into a customer agreement with MS&Co. (the “Partnership Customer Agreement”). Under the Partnership Customer Agreement, the Partnership pays trading fees for the clearing and, where applicable, the execution of transactions, as well as exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”) through its investment in the Master. Clearing fees are allocated to the Partnership based on its proportionate share of the Master. Clearing fees will be paid for the life of the Partnership, although the rate at which such fees are paid may be changed. All of the Partnership’s assets available for trading in commodity interests not held in the Master’s accounts at MS&Co. are deposited in the Partnership’s account at MS&Co. The Partnership’s cash is deposited by MS&Co. in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. MS&Co. has agreed to pay the Partnership interest on 100% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. Prior to November 1, 2016, MS&Co. paid the Partnership interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. The Partnership Customer Agreement may generally be terminated upon notice by either party. d. Selling Agreement: The Partnership has entered into a selling agent agreement with Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) (the “Selling Agreement”). Under the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee. Prior to April 1, 2014, the monthly ongoing selling agent fee was paid at a rate equal to 3.75% per year of month-end Net Assets. Effective April 1, 2014, the monthly ongoing selling agent fee was reduced to a rate equal to 2.50% per year of month-end Net Assets. Effective October 1, 2014, the monthly ongoing selling agent fee was reduced to a rate equal to 2.00% per year of month-end Net Assets. Morgan Stanley Wealth Management pays a portion of its ongoing selling agent fees to properly registered or exempted financial advisors who have sold Redeemable Units. Month-end Net Assets, for the purpose of calculating ongoing selling agent fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s ongoing selling agent fee, management fee, incentive fee accrued, the General Partner fee and other expenses and any redemptions or distributions as of the end of such month.

Trading Activities

Trading Activities	12 Months Ended
	Dec. 31, 2016
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The Partnership invests substantially all of its assets through a “master-feeder” structure. The Partnership’s pro-rata share of the results of the Master’s trading activities are shown in the Statements of Income and Expenses. The Master has entered into a futures brokerage account agreement with MS&Co. (the “Master Customer Agreement” and, together with the Partnership Customer Agreement, the “Customer Agreements”). The Customer Agreements give the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures, option and forward contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, “ Balance Sheet Trading and transaction fees are based on the number of trades executed by the Advisor for the Master and the Partnership’s percentage ownership of the Master. Professional fees and other expenses are borne by the Master and allocated to the Partnership, and also are directly charged at the Partnership level. All other fees are charged at the Partnership level. For disclosures regarding the Master’s trading activities, see Note 4, “Trading Activities,” in the attached Master’s financial statements.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: See Notes 2 and 5 of the Master’s financial statements for the determination of the fair value of the Master’s investments and related disclosures, including the fair value hierarchy, pursuant to ASC 820, “ Fair Value Measurement

Subscriptions, Distributions an

Subscriptions, Distributions and Redemptions	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Subscriptions, Distributions and Redemptions	6. Subscriptions, Distributions and Redemptions: Subscriptions are accepted monthly from investors who become limited partners on the first day of the month after their subscription is processed. Distributions are made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date. The General Partner does not intend to make any distributions of the Partnership’s profits. A limited partner may require the Partnership to redeem its Redeemable Units at their net asset value per Redeemable Unit as of the end of each month on three business days’ notice to the General Partner. There is no fee charged to limited partners in connection with redemptions.

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights	7. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ 152.57 $ (43.60) $ 43.55 Net investment loss (85.25) (86.28) (93.30) Increase (decrease) for the year 67.32 (129.88) (49.75) Net asset value per Redeemable Unit, beginning of year 1,268.38 1,398.26 1,448.01 Net asset value per Redeemable Unit, end of year $ 1,335.7 $ 1,268.38 $ 1,398.26 2016 2015 2014 Ratios to Average Limited Partners’ Capital: Net investment loss** (6.5) % (6.4) % (6.7) % Operating expenses 6.7 % 6.4 % 6.7 % Incentive fees - % - % - % Total expenses 6.7 % 6.4 % 6.7 % Total return: Total return before incentive fees 5.3 % (9.3) % (3.4) % Incentive fees - % - % - % Total return after incentive fees 5.3 % (9.3) % (3.4) % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Interest income allocated from the Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partner’s capital of the Partnership and includes the income and expenses allocated from the Master.

Financial Instrument Risks

Financial Instrument Risks	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
Financial Instrument Risks	8. Financial Instrument Risks: In the normal course of business, the Partnership, through its investment in the Master, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, forwards, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, swap and option contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer (or seller) of an option has unlimited risk. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. The limited liability is a result of the organization of the Partnership as a limited partnership under New York law. Market risk is the potential for changes in the value of the financial instruments traded by the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master is exposed to market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. See Note 8, “Financial Instrument Risks” of the attached Master’s financial statements for risks relating to financial instruments and derivatives that are traded by the Master. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s/Master’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s/Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Master has credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Partnership’s/Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Master’s counterparty is an exchange or clearing organization. The General Partner monitors and attempts to control the Partnership’s/Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Master may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Master’s business, these instruments may not be held to maturity.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events: As of November 11, 2016, the Partnership began offering two classes of limited partnership interests, Class A Redeemable Units and Class Z Redeemable Units. All Redeemable Units issued prior to October 31, 2016 were deemed “Class A Redeemable Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Redeemable Units were not changed. Class A Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions, and non-U.S. investors. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Wealth Management and may also be offered to certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class A Redeemable Units and Class Z Redeemable Units are identical, except that Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee. As of December 31, 2016, there were no Redeemable Units outstanding in Class Z. Class Z Redeemable Units were first issued on January 1, 2017. As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of MSSB Holdings. MSD Holdings is ultimately owned by Morgan Stanley. Effective February 28, 2017, the Partnership changed its name from Managed Futures Premier Aventis II L.P. to Ceres Tactical Commodity L.P. The General Partner has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates.
Profit Allocation	Profit Allocation.
Statement of Cash Flows	Statement of Cash Flows
Partnership's Investment	Partnership’s Investment.
Master's Investments	Master’s Investments.
Fair Value of Financial Instruments	Fair Value of Financial Instruments “Financial Instruments,”
Income Taxes	Income Taxes.
Investment Company Status	Investment Company Status. Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Net Income Loss per Redeemable Unit	Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies
Recent Accounting Pronouncement	Recent Accounting Pronouncement. Recognition and Measurement of Financial Assets and Financial Liabilities

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ 152.57 $ (43.60) $ 43.55 Net investment loss (85.25) (86.28) (93.30) Increase (decrease) for the year 67.32 (129.88) (49.75) Net asset value per Redeemable Unit, beginning of year 1,268.38 1,398.26 1,448.01 Net asset value per Redeemable Unit, end of year $ 1,335.7 $ 1,268.38 $ 1,398.26 2016 2015 2014 Ratios to Average Limited Partners’ Capital: Net investment loss** (6.5) % (6.4) % (6.7) % Operating expenses 6.7 % 6.4 % 6.7 % Incentive fees - % - % - % Total expenses 6.7 % 6.4 % 6.7 % Total return: Total return before incentive fees 5.3 % (9.3) % (3.4) % Incentive fees - % - % - % Total return after incentive fees 5.3 % (9.3) % (3.4) % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Interest income allocated from the Master less total expenses.

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Feb. 01, 2013	Sep. 06, 2005	Dec. 31, 2015
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of Partnership owned	88.10%	86.40%
Net asset value	$ 105,816,771	$ 137,909,370			$ 137,909,370
Class A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of units sold during initial offering period				11,925
Minimum [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Net asset value per unit liquidation circumstance	$ 400
Partnership liquidation date circumstance					Dec. 31, 2055
Net asset value	$ 1,000,000
MB Master Fund L.P. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Cash equal, Partnership purchased			$ 262,944,186

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provision for income tax	$ 0

Agreements - Additional Informa

Agreements - Additional Information (Detail)	2 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended	27 Months Ended	34 Months Ended
	Feb. 28, 2014	Mar. 31, 2014	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2016
Investment [Line Items]
Percentage of monthly General Partner fee				0.0833%		0.04167%
Percentage of General Partner fee				1.00%		0.50%
Percentage of allocable shares					100.00%
MS&Co. [Member]
Investment [Line Items]
Percentage of allocable shares					80.00%
Morgan Stanley Wealth Management [Member]
Investment [Line Items]
Ongoing selling agent fee		3.75%	2.50%			2.00%
Aventis [Member]
Investment [Line Items]
Percentage of monthly management fee	0.125%						0.1042%
Percentage of management fee	1.50%						1.25%
Incentive fee, percent					20.00%

Subscriptions, Distributions 21

Subscriptions, Distributions and Redemptions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Statement of Partners' Capital [Abstract]
Fee charged to limited partners	$ 0

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - Class A [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net asset value per Redeemable Unit, beginning of year	$ 1,268.38	$ 1,398.26
Net asset value per Redeemable Unit, end of year	1,335.70	1,268.38	$ 1,398.26
Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	152.57	(43.60)	43.55
Net investment loss	(85.25)	(86.28)	(93.30)
Increase (decrease) for the year	67.32	(129.88)	(49.75)
Net asset value per Redeemable Unit, beginning of year	1,268.38	1,398.26	1,448.01
Net asset value per Redeemable Unit, end of year	$ 1,335.70	$ 1,268.38	$ 1,398.26
Ratios to Average Limited Partners' Capital:
Net investment loss	(6.50%)	(6.40%)	(6.70%)
Operating expenses	6.70%	6.40%	6.70%
Incentive fees	0.00%	0.00%	0.00%
Total expenses	6.70%	6.40%	6.70%
Total return:
Total return before incentive fees	5.30%	(9.30%)	(3.40%)
Incentive fees	(0.00%)	(0.00%)	(0.00%)
Total return after incentive fees	5.30%	(9.30%)	(3.40%)

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
Financial instruments maturity period	1 year

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Dec. 31, 2016shares	Nov. 11, 2016Limited_Partnership_Interest
Subsequent Event [Line Items]
Number of classes of limited partnership interests | Limited_Partnership_Interest		2
Class Z [Member]
Subsequent Event [Line Items]
Limited Partners, Redeemable Units outstanding | shares	0