Ethanol producers are reeling from the spring surge in corn prices, and analysts are warning investors to stay away. A later start to planting corn this year could keep prices high for both food and fuel this summer.

According to InsideGreenTech, VeraSun posted an unexpected substantial loss in the last quarter as corn topped $4 per bushel. Despite rising gasoline prices, the price of ethanol hasn't gone up as quickly, so refiners are caught in the middle.

In Nebraska, E85 is 30 to 45 cents cheaper than gasoline, which more than makes up for the lower miles per gallon yield.

While corn prices are going down, farmers in much of the Midwest are behind in planting this season because of wet weather. In Ohio, only 38 percent of the corn has been planted, well down from the average of 78 percent at this time.

Farmers are expected to plant 15 percent more corn to meet demand, which means less of the other food crops. So ethanol may be scarce, your Sunday barbecues a tad more expensive, and your biofuels portfolio in the red. Not exactly happy news as we start the summer.