It’s also worth pointing out that about half of corn and soy production is not profitable, like, most people growing it are not making a living off it, they’re breaking even at best. Most farmers in the US make the majority of their household income in jobs off of the farm.

Most farm land in the US is not cultivated to generate profit, but to maintain it’s status as “agricultural land” which excepts it from many different types of tax (or at least subjects it to a far lower rate). Making it an untaxed store of wealth. There is a reason that the largest owner of farmland in the US is bill gates. Corn and soy are grown because they are the most “hands off” crops, requiring the least amount of ongoing intervention for something that breaks even.

In all likelihood, if we shut down the ethanol program, very few people would loose their livelihoods, but there would be an economic impact in that more people farming for tax reasons would be taking a loss on that. Many might choose to sell off their lands and move that wealth in to different asset classes, which would have knock on effects.