The National Corn Growers have released a report showing corn prices don't have much effect on food prices.
According to the report, if current corn prices recede back to historical levels because of a significant increase in production this year, there would be little or no impact on consumer food prices. The paper concludes that if corn prices remain at the $3.50-4 per bushel range for several years, consumers might experience marginal food inflation for some grocery items.
Whew - at least consumers can't blame corn prices for food price inflation.
On the other hand, if corn prices have little effect on food prices, then what is the point of subsidies to corn farmers from the consumer point of view? Could "affordable" food be result of an efficient market and not goverment help?
Also note the report assumes prices drop back to "historic levels". That's not what farmers are hoping for, I don't think.