Because the winter and early spring crops are still in the ground, farmers cannot plant their summer crops, so that season is delayed, as well. A lot of people could not plant their corn, Wible said.
Cotton farmers in Texas have planted just under a third of their intended crop for the year, according to the most recent U.S. Department of Agriculture data cited by Reuters. That is far less than the 47 percent they had in the ground at this time last year, and even further below the five-year average of 50 percent, according to Reuters.
And the corn that some have managed to get into the ground is suffering under the water. Too much water can stunt the crop and cause it to turn yellow; both conditions either reduce or eliminate its value, depending on the severity.
Read MoreLandfill? No, May snow in Boston
A lot of farmers are saying they may have to collect on federal crop insurance, but the deadline to apply for corn insurance is May 31, and many farmers are not ready to pull the trigger, according to Reuters.
While crop insurance will give many farmers the chance to start over next year, it will not cover all of their losses from this season.
"I have heard people say, 'Well, at least you have crop insurance,' " Davis said. "Well, OK, but that's like saying it's OK to get into a car crash because you have auto insurance. All it does it mitigate losses. It is no way to profit or prosper."
Read MoreAnheuser-Busch halts production for this
In addition, Davis said the situation will likely saddle him with higher premiums next year.
Consumers will probably not feel much pain in their wallets from the losses in Texas—bad weather there will just create selling opportunities for growers elsewhere.
As for the Texans, many will salvage what they can and keep going.
"I have been farming almost my whole life, and it has been good to me," Wible said. "We got through the drought, and we will get through this."