Historically, soft markets at the middle and lower levels have been warning signs of a lack of stability in the overall market. If you're a player below the top tier, caution is the watchword for 2013....

Most observers would agree that we probably don't need to go back to the days when a first-year stallion who looked likely to produce flashy juveniles might serve 200 or more mares at the expense of good but not particularly fashionable sires. But the current contraction has its drawbacks, too....

Commercial breeders took a bath from 2008 to 2010. Stud fee cuts in 2009 and 2010 have reflected the distressed sales environment. Will stud fees in 2011 drop even further--or are stallion farms preparing to hold fast or even increase fees for the coming breeding season?...