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The declaration called for "in-depth studies" of the effect of diversion of corn to biofuel and said the international community must "address the challenges and opportunities posed by biofuels", The Independent reported.

U.S. delegates opposed any stronger statement.

Commodities prices rose Thursday with the expectation that the conference would take no meaningful action, The Financial Times said.

In Chicago, the price of spot corn topped out at a record $6.43 a bushel, while corn for delivery next year was $6.97. Experts predict that by 2009, one-third of the U.S. corn crop will be used for biofuel production.

The summit also failed to take on export restrictions, The Financial Times said.

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