Miller Magazine Issue: 138 June 2021

61 COVER STORY MILLER / june 2021 They can achieve this by either restricting food exports by imposing export levies or quotas, or by reducing im- port tariffs and/or by subsidizing food prices. Some of these steps have already been taken. Others are yet to see the light of day. None of these interventions in the market by various overzealous governments will solve anything. They will only aggravate the situation and ef- fectively push the prices even further. In the past decades consumers worldwide have grown accustomed to get a substantial cover by buying cheap ex harvest Black Sea wheat. This year, however, trading in new crop Black Sea wheat is lacking both enthusiasm and direction. Recently introduced Russian floating tax on grain exports which enters into force in the first week of June, has effectively made it impos- sible to calculate the tax on forward grain deals. After