The price of corn affects a lot more than the price of corn flakes. First, it is a basis for many animal feeds. As it usually requires five to ten times the feed weight to produce the same weight increase in livestock, large increases in corn prices are likely to drastically increase meat prices. Second, one would expect that if corn is fetching very high prices, farmland growing other types of food crops would begin producing corn . This would lead to general increase agricultural products. Finally, there are many parts of the world that are extremely poor and are reliant on relatively low prices of commodity crops to feed themselves. Even if you don't think its necessary for the US to ensure these people are fed, populations that can't feed themselves tend to be very unstable politically and can cause problems for the United States abroad. Again, the new ethanol regulations just seem like a giveaway to big agriculture. Increasing the amount of ethanol this country uses is not likely to lead to any environmental effects and most likely harm low income people around the world.