NEW YORK (CNNMoney) -- As the Midwest continues to suffer through its worst drought in more than 50 years and corn prices near record highs, sixth generation farmer Pam Johnson stares out her window, praying for rain.

"We went into this year having planted more acres than we had planted in many years, expecting to raise a bumper crops," said Johnson, who farms with her husband, two sons and their families in Floyd, Iowa. "The planting conditions were great, and our corn came out picket-fence perfect. But now we have no idea how many bushels we'll be able to harvest this fall."

While her farm typically enjoys between 6 inches to 10 inches of rain in June and July, this year has been dismal, with only a little more than an inch of rain in June and less than half an inch so far in July.

Dry, scorching heat has pushed up corn prices more than 50% over the past five weeks.

"Everyday we have dryness, extreme heat above 100 degrees, and wind. That's a deadly combination for our crops," Johnson said. "But we're still hopeful. If it rains, we'd be so thankful. Our corn crop has taken a big hit on its potential, but the soybeans could still rally."

As the widespread drought wreaks havoc on crops, grain prices have shot to record highs.