> Food is an incredibly substitutable market, you'd expect the market to push prices down to a minimum.
This is largely the reason why we have subsidies for farming: we're not okay with substituting domestic agriculture for foreign imports, due to the risks involved. Consider the case of manufacturing, which is also a largely substitutable market.
In the late 20th and early 21st century, the USA hollowed out loads of our manufacturing hubs in pursuit of lower prices, and this worked as advertised; costs dropped! With circumstances changing and a desire to perform more domestic manufacturing, though, we've lost a lot of our options. The USA has lost a lot of manufacturing nous and industry momentum, meaning that there's a lot of upstart cost to get back into the game.
While subsidizing an industry may not be efficient from a global market perspective, it can be very sensible from a national policy perspective, since it means that you can build an experienced workforce and institutional knowledge within a given domain.