John Deere warns the farming 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.