John Deere warns the farm business is about to go from bad to worse

Deere just put out an ugly outlook for farming and agriculture.

The maker of construction and farming equipment reported second quarter earnings on Friday morning, crushing expectations for earnings and revenues.

In the release, Deere noted a rise in sales of construction equipment, which offset losses in sales of agriculture machinery.

The latter segment suffered because of a plunge in commodity prices.

And Deere expects things in the farming industry to go from bad to worse.

Here's the downbeat outlook for sales.

Agriculture sales are forecast to be worse than previously expected.

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That's because commodity prices have been sliding, after climbing early in the economic recovery.

And Deere is expecting US prices to continue to slide in the near future.

With lower earnings from the individual crops.

The outlook for Brazil is rather bleak.

Farm income from crops is forecast to drop in 2015.

But conditions are better in the livestock sector.

Now check out a broader outlook on every corner of the world

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