Only if he makes a profit producing and marketing a product other than ethanol corn.
If he fails and goes out of business, then he succeeded on the subsidies only and the equipment charges to cost were valid.
Moreover, the free market would have decided and corrected itself.
There is no “ethanol corn.”
There is only field corn. Where it goes is a matter of who is paying the most and who is the closest to the farm (ie, where can the farmer minimize his transport costs).