Encouraged by a strong farm economy and healthy business tax breaks, Farmers are buying new machinery and equipment that can run anywhere from $300,000 to $500,000. And some of the new equipment -- powered by GPS and sensors that can even detect moisture in a crop -- practically run on auto-pilot.
Farm equipment sales are booming, currently running about $20 billion annually. Surprisingly, some of the hottest-selling pieces of machinery aren't new. Used-farm equipment is becoming more desirable to some farmers, who don't want to have to run their machines with laptops.
Here in Livingston County, government-subsidized crop insurance paid big. In fact, the county led the nation with $154 million in crop insurance indemnities.
