So, just about everything in the Bozeman area is at, or very near flood stage, but it is always entertaining to talk about the high water in all of our area rivers. We haven't seen water like this in Montana since 2011, and more rain is on the way. For the most part, the Missouri River is the best option in the state right now (at least for floating), and the fishing has been quite good up there.
MISSOURI RIVER 18700 CFS below Holter Dam
The fishing on the Missouri River has been quite good as of late, even with the massive flows coming out of Holter. The Prickly Pear and Dearborn have both dropped and cleared considerably, but the best fishing seems to be from Dearborn upstream towards the Dam. The river moves a bit slower through this section, therefore it is easier to fish. Personally, I have been living by the worm, fishing them in various colors and sizes, and it does not seem to matter. They are eating all of them pretty well. There are some caddis flying around (particularly below Craig), BWO's, and some March Browns are still around, mostly near the Upper portions though. I have not seen much for dry fly fishing, but if you know some of the quieter, sneaky spots, I am sure you can find a few eating dries.
UPPER MADISON RIVER 5350 CFS near Cameron
I fished the Upper "wade only" section recently, and we had pretty good water conditions, and some fun fishing with any black streamers fished in the slow water, very close to the bank. Below Indian Creek, the river is totally punched out.
LOWER MADISON RIVER 6260 CFS below Ennis Dam The Lower Madison is running very big, and very fast. The clarity is so so, but really not a great option as of today. There is a ton of water still to come, so we will just have to see when the Lower shapes back up. I am sure you could catch a few out there right now, but it will not be easy. GALLATIN RIVER 5550 CFS @ Gateway The Gallatin River is fully blown, and more than likely will remain this way until late June at the earliest.
YELLOWSTONE RIVER 23000 CFS @ Corwin Springs High, muddy, no good right now. The Yellowstone River is running a very big 31000 through Livingston, and is still creeping up. We could be looking at another late July start here, but we will just have to see.
JEFFERSON RIVER 11400 CFS @ Twin Bridges The Jefferson is absolutely GIANT right now, and with a steady dose of 10000 CFS coming out of the Big Hole, there is no end in sight. This looks like a long, sustained high water event this Spring, and after the dismal flows the last few summers, we definitely need it over there. I do not think we will be on the Jeff for quite some time.