Agribusiness ETFs like the Market Vectors Agribusiness ETF (NYSEArca: MOO) and PowerShares Global Agriculture Portfolio (NYSEArca: PAGG) could also benefit as they provide equipment to farmers trying to capitalize on the high prices.

However, industries that utilize corn will suffer from the higher prices.

“Corn is also used in a variety of syrups and sweeteners, including high-fructose corn syrup, which is often used in soft drinks snacks, candy and other processed foods,” Panteva added. “Consequently, when the price of commodity jumps, input costs for operators in the Syrup and Flavoring Production industry increases as well.”

For instance, PowerShares Dynamic Food & Beverages (NYSEArca: PBJ) could take a hit as some of its top holdings are heavy corn syrup users, such as Coca-Cola, Pepsico and Hershey to name a few.

For more information on corn, visit our corn category.

Max Chen contributed to this article.