There's not a lot of hard data I can find on where the money goes, but the table on Wikipedia (2004) indicates that we mostly subsidize livestock feed grains, then cotton, wheat, and rice. Those four added up to 64%. Soybeans and products come in 5th at 7.6%. Fruits and vegetables, pretty much zero.
Health-wise, it makes all the wrong things cheaper.
What I want to see is what the pricing would be without the subsidies.
My guess is that the retail price impact would be tiny. Kinda like the calculations where Walmart could double associate salaries by raising prices by 6%.
Are we talking about a $5 steak becoming $5.09 or becoming $10?
Health-wise, it makes all the wrong things cheaper.