This paper offers a holistic study on the complex relationships between crude oil, corn and ethanol during a turbulent period between 2006 and end of 2011. Through a holistic mapping of the current market situation and a contextual analytical design we show that there exists a strong relationship between crude oil and corn markets on one side, and crude oil and ethanol on the other. However, the price relationship between corn and ethanol was revealed to be less straightforward, and is driven by the US government fuel policy. Furthermore the study indicates that corn markets have became more prone to volatility due to ethanol production, especially When the demand for corn is high and/or the crude oil prices are high enough to create a competitive market for ethanol. (C) 2013 Elsevier Ltd. All rights reserved.