The Biopact website reports that prices of food-based grains and oilseeds that are also used for biofuel production (i.e., corn, wheat, soybeans, and palm oil) are “collapsing.” Specifically for the case of corn, the recent trend belies the original belief that the record surge in corn prices last June was a consequence of the heavy demand for corn as an ethanol feedstock. The recent price of corn has reportedly dropped to about 50% of its record price in June, even if its demand for biofuel production has remained the same. Soybean and canola (both biodiesel feedstocks) also have similar trends in price reduction (about 55%). Major agricultural food commodities are also experiencing major price drops. Biopact further reports that the present trend has settled “for now”, the “food versus debate” and that “biofuels have played [no part], or at best, a marginal role in the sudden rise in global food prices.” Experts point out the “smart” and “sustainable” biofuel programs can actually help reduce food prices, and fight rural hunger/poverty..