One of the things humanity has done as it has industrialized agriculture (to deal with the time issue of that "eventually") is that it has industrialized "the Nitrogen Cycle" as much as it can, and in so doing added a lot of additional Carbon inefficiencies to how we fixate Nitrogen for use by our crops. Modern crops couldn't grow at the same industrial scales without modern fertilizers, but modern fertilizers generally don't exist without massive carbon subsidies.
I went through the math a few years ago from the perspective of "micro power plants" for powering BTC mining. Coal is the winner from a cost perspective; but terribly dirty obviously. And capital intensive. Burning corn as fuel to a high efficiency boiler is actually more efficient than ethanol.
Corn is just not the best plant for the purpose. Soy or hemp are two better examples, especially for biodiesel.