I'm not sure if it's really a bug or not but we can place reeds underwater if there is a water-block besides the block on wich you placed the reed. If you update the water around, the flow destroys the reeds.
If it's not a bug, then there shouldn't be the same restriction weither you place reeds underwater or above.
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Duplicate of MC-929, please use the search function to see if your bug has already been submitted. Currently over 57% of tickets are being resolved as duplicate.