I don't think the Soviet and Chinese examples are very relevant, because dealing with a bunch of peasents is extraordinary different from dealing with an agricultural sector that is already industrialized.
Because the massive subsidies we already have the incentive problems too, so it's not like that would be a new can of worms either.
Subsidies are certainly mismanaged in numerous ways but they are the only alternative to the granary system to maintain reliable and stable food production. We used the granary system for thousands of years across the world and while it kind of worked, it also resulted in numerous famines across every culture.