"This unprecedented diversion of corn to fuel production will affect food prices everywhere,"and he was quite right. The cost of a bushel of corn is currently hovering around $7.00, and experts link this price increase directly to the growth of the ethanol industry. This chart illustrates the sudden spike in corn prices after the ethanol industry took off.
These high prices affect more than just the stock market, they affect the average consumer at the grocery store every day. The World Future Society, a nonprofit research group focused on solving poverty issues, cites ethanol driven corn prices in driving up the price of almost all items on supermarket shelves. When ethanol doubled the national corn consumption in the US, every person felt the effects and as a result food prices have never been higher. Follow this link to see the US Census' 2011 report on food prices ---> http://www.census.gov/compendia/statab/cats/prices/food_cost_and_prices.html