Florida breeder here. I know all about colts, flies, weather, and castration. lol
Colts are usually “down” at birth or shortly after. But quite common for the testicles to suck back up, and go up and down for the first year. Some of them are late bloomers and may not fully descend and stay down until age 2. But even the “high flankers” can still be palpated (even just barely) if the horse is normal and not a cryptorchid. Sometimes injections of HCG can help them descend, but I’ve never needed it.
Ask your vet, but I’ve had multiple vets say “if you can feel it, you can cut it.” However some vets are not as brave and may refer you to the vet clinic if they are wary of complications.
I had one colt I intended to geld at 10 months (on a nice cool December day), but the day he was to be done the right testicle went hiding. I was almost certain both testicles were down at birth, but I was worried! My vet told me to wait it out. I checked him every couple weeks; he was a sensitive, goosey colt not fond of my groping, but by August of his yearling year the right one was there. Still a bit “uneven” and higher, but definitely within reach. He was starting to act studdy, playing rough with friends and noticing the girls nearby. With upcoming FEH Championships in October, I decided to castrate him at the end of August so he would be healed up before the show. I worried a lot about the heat and bugs, but it honestly wasn’t too bad and I would castrate again in the summer if it was necessary.
If I don’t have a reason to keep a colt intact, I’d much rather geld them the winter before their first birthday. Less likely to develop bad habits before they hit puberty, can keep them with their filly pasturemates, and there’s a chance they could get a tiny bit taller/leggier. But there have been a couple I waited on, who had exceptional manners and didn’t interact with the girls. They have turned into wonderful geldings too.