Raindrops 22fps (Handbook of Firearms and Ballistics B. Heard)
Humidity has very little effect on ballistics.
Someone else's math:
Lets say that:
the rain storm drops one inch of rain in two hours
a raindrop is 1/100th of a ml (pretty small for that type of rain, I'd expect, but we are being cautious here)
those raindrops fall at 25 mph
That those raindrops are infinitely small (makes them hard to hit)
That you are shooting a .3" diameter bullet
At 1000 yards
So, the flight path of the bullet has a volume of 41,000 cm^3
And a cubic centimeter of air contains 2.85*10^-5 raindrops at any given point in time
So the average bullet encounters 1.2 raindrops on it's way to the target... over 1000 yards... in an incredibly dense rainstorm of unusually (?) small raindrops.
Mind you, hitting water at 2500fps might be dramatic. Shockwaves pushing the raindrops away, you still have Newton's Third Law of Motion.
The trouble with this stuff is that it is only applicable when applied to long range shooting where the groups are comparatively large. I just ran a comparison on JBM to see what the difference was between 0% and 100% humidity at sea level, with a .284/150 gr Sierra fired at 2850. The difference is 2" at 1000 yards. Now a hunting bullet isn't the best choice for long range shooting, so I ran it again with a Berger .284/168 VLD at 2700 and got a difference of nine-tenths of an inch. I should have a rifle that can detect a trajectory shift of nine-tenths of an inch at 1000 yards!
If we shoot in the rain at a 1000 yard target, problems arise other than the possible defection of the bullet by a rain drop. Can the marksman see his target well enough for proper sight alignment? Does discomfort, particularly cold, effect his marksmanship? If the bullet's impact with a rain drop near the muzzle causes slight deflection of the bullet, will the deflection be enough to take the bullet out of a 10 shot 1000 yard group, which we might anticipate being between a foot and 2 feet in diameter, even under good conditions.
While I don't have the answers, shooting in the rain does pose some interesting questions. We know that a bullet is little effected when impacting a low density obstruction, due to the bullet's spin induced stability and momentum, and a rain drop has much lower density than say a blade of grass or a twig, which can deflect it. But we also know that the deflection of a bullet is greater at long range if it is deflected by an obstruction close to the muzzle as there is more time for the error to manifest. That is why the long range shooter is more concerned with wind that is nearer to him than he is with the wind near his target. We know that the bullet is in greatest yaw immediately upon leaving the muzzle and again when it impacts a target of great density like a game animal Yaw increases the bullet's frontal area to any possible obstruction. In a rain storm, if we accept that the bullet might impact one or two drops of rain on its way to the target, we have no way of knowing where those drops of water will be when impacted by the bullet, they could be right at the crown of the muzzle, they could be near the target, or it could be at some intermediate point. Because the shock-wave of a typical match style rifle bullet comes off its ogive rather than it's nose, the rain drop probably will make contact with the bullet, but even though the bullet flies in a yaw, the rain drop will not impact the heal of the bullet, because the shock wave coming off the bullet is strongest at it's base. I'll have to start paying more attention to what happens when I shoot in poor weather.