I will take an Iowa drought anyday.  In an Iowa drought we can get all the field work done timely and can still raise a crop.  You know you can't do anything about a drought, so it's easier to live with.

Iowa floods are terrible, cause a bunch of stress.  You constantly wonder if I should mud the field in, use a plane to seed, how is it gonna get sprayed, do I spend more money on N on a crappy crop, cross washouts 3' deep, etc.

With that said, I would probably take an Iowa flood over a Texas drought.