'World needs to work together to feed itself' - Cargill's Greg Page
24 January 2013 Last updated at 11:39 GMT
The US suffered a damaging drought in 2012 which is expected to see the government compensating farmers by up to $20bn, according to the agriculture department.
The poor harvest drove up the price of feed and created a shortage of cattle, affecting the whole beef industry.
One company that suffered was food giant Cargill, which blamed the drought for forcing the closure of a beef processing plant in Texas.
Despite the challenging conditions around the world Cargill chief executive Greg Page told BBC News that more than enough food is being produced to feed the global population, and countries needed to collaborate more closely to ensure produce was distributed effectively.