We estimate a bivariate probit model with sample selection to identify factors affecting adoption and abandonment of precision farming technologies for cotton farmers, using the 2009 Southern Cotton Precision Farming Survey conducted in 12 Southern states in the United States. Farmers for whom being at the forefront of agricultural technology is not an important reason for adoption are more likely to abandon precision farming technologies. This study identified various factors associated with adoption and retention of precision farming technologies. Findings from this study offer significant information to policy‐makers for a better formulation of agri‐environmental programs that encourage farmers to adopt environmentally benign farming practices including precision farming technologies.