The Idaho Regatta scheduled for late June in south-central Idaho has been cancelled due to an anticipated mountain snowmelt that's expected to increase already high water levels in the Snake River. The Times-News reports that the Idaho Regatta Committee made the unanimous decision to cancel the June 24 to June 26 event based on advice from the U.S. Bureau of Reclamation.  Committee Chairman Mark Moyle says anticipated high water levels and floating debris could create dangerous conditions for racers who reach speeds of up to 120 mph.      Moyle says the event usually draws about 50 boats from around the country as well as thousands of spectators, providing an economic boon for the small community of Burley.