In the lead-up to the 2025 mating season, breeding sheds in the Lexington region are facing challenges, with farms offering discounts on stud fees and struggling to attract mares. Established stallions like Hard Spun are seeing fee reductions despite proven success, indicating a tough year for farms in filling their stallion books. While there is an underlying feeling of unease in the industry, breeding statistics show that the number of available mares and exported mares has remained fairly stable over the years.

The commercialization of the industry away from the breed-to-race model has led to challenges in filling stallion books, with a shift towards breeding for the market rather than for racing. Economic uncertainties, rising costs post-Covid, and a focus on short-term breeding strategies are contributing to the difficulties faced by breeders and farms. The industry is seeing a trend towards breeding to sell rather than breeding to race, with a preference for first-year stallions and established, high-priced stallions.

To address the challenges in the industry, controlling stud fees and expenses, as well as creating a segment of the marketplace for naturally raised yearlings, could help breeders manage costs and attract buyers looking for solid racehorses. Additionally, there is a need for national marketing efforts to promote horse racing and attract new mare owners to the industry. Despite the current challenges, there is optimism for a potential surge in bookings later in the year as breeders take a cautious approach and wait for more information before making breeding decisions.