NEW IBERIA, La. — Authorities say about 75 pounds of cocaine in individually wrapped packages were found floating in the waters off Louisiana's coast this week.

The Iberia Parish Sheriff's Office said a ship captain spotted the suspicious bundle floating in the water 55 miles south of Southwest Pass. Detectives met up with the captain in the Port of Iberia who turned over 30 packages of pure cocaine weighing about 2.5 pounds each.

The sheriff's office said the estimated street value of the cocaine was more than $1 million.

Investigators are still trying to determine why the cocaine was floating in the water.