A few years ago, corn-based ethanol fuel was all the rage. Farmers shelved crops like wheat and soybeans and planted more corn instead in order to cash in on the new revolution. Bill Gates and Richard Branson pumped in billions in funding. And ethanol stocks soared.

The price of corn has already climbed 25% since January and established 13 new record highs. And food prices across the board are climbing to historic highs as a result.