Wheat, global warming and biofuels

If global warming is real, could biofuels cause more harm than good?

"We're used to watching the price of oil mock gravity, but there's an even more essential commodity that's also become scarcer and pricier in recent months: Traders are paying record prices for wheat on world markets, thanks in part to shortages caused by a mix of drought and flooding. Canada, the second-biggest wheat producer after the U.S., looks set to harvest its smallest crop in five years, due to an unusually dry July, while production in the European Union may be down nearly 40% from last year after flooding rains followed long droughts. Growing global demand for biofuels is also eating up grain production, and boosting prices."

Biofuels are a good idea, especially those biofuels derived from waste. But grain-based biofuels, such as ethanol, appear to be nothing short of a subsidized boondoggle.