Since corn and soy-based foods are one of the leading causes of obesity, this arguement is moot.
Not to mention it actually costs less to buy a bushel of corn than it does to produce it: corn prices are already severely subsidized by the government. There's simply too much corn out there, and it's one of the main reasons why "junk food" is so junky. If ethanol was being produced from romaine lettuce and turnips, I'd be more alarmed.
For now, it's just one more little subsidy on top of an already massive agribusiness planned economy.
However, ethanol really has no place in fuel. The only benefit to E10 is that you don't need to use Heet in your gas tank in the winter.