Shallow constructed ponds are abundant landscape features in the midwestern United States, suggested as an edge of field best management practice (BMP) in voluntary nutrient reduction strategies. The efficacy of such features is highly uncertain, however, and previous studies have lacked sufficient temporal resolution to determine N and P removals during critical periods of transport. We utilized high-frequency in-situ measurements and flow-weighted grab sampling to determine water and nutrient budgets for a typical constructed "farm pond" in central Iowa situated within the Iowa Southern Drift Plain. Our monitoring approach yielded insight into in-stream nitrogen processing and the relative importance of transport-vs. supply-limited N delivery. Diel patterns in NO3-N observed during early Spring, prior to canopy closure, revealed that in-stream primary production and NO3-N assimilation can influence downstream N delivery in a stream with nitrate pollution (mean annual NO3-N of nearly 5 mg/L). Analysis of discharge-concentration hysteresis for NO3-N showed a shift from transport to supply limitation for NO3-N delivery over the growing season, influenced by antecedent moisture, with wet antecedent conditions leading to supply limitation. Significant NO3-N removal (64% of 19.8 kg/ha inputs) occurred within the 4.2 ha pond (230 ha watershed), but total N removal was much lower (36% removal of 22.3 kg/ha inputs). The lower total N removal highlights the importance of both particulate N and dissolved organic N and ammonia export to the N budgets of hypereutrophic small ponds. Total P removal in the pond was only 8% of 2.3 kg/ha inputs, likely due to internal loading of recent and legacy sedimentary P within the pond. High-flow events dominated N and P inputs, during which removal efficacy of the pond was significantly diminished. Poor process performance during critical moments may partially explain lower than expected water quality improvements post-BMP implementation. Accordingly, shifting hydroclimatic regimes (e.g., frequency of intense rainfall events) will impact the efficacy of small ponds and other edge of field BMPs for nutrient reduction.