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In my opinion if the horse is not well conformed and a proven winner no. Pedigrees aren't like car brands. Having a winner in her genes won't make her a winner necessarily. Look at how many foals Secretariat sired (I'd imagine hundreds if not thousands). How many have you ever heard of? If your mare has poor conformation it will most likely be passed on to her foals which will make them just as not exemplary. And as a breeder the idea is to breed something that anyone would buy, not just you, unless you can financially provide for the foal for its entire life whether its useful or not.
Why breed your mare? There are plenty, and by plenty I mean more than enough for every horse crazy girl and then some) horses out there without you making more just because your mare has working equipment. If you really want a foal there are plenty to be had, and cheaply at an auction. Last month I went to one with a friend looking for a new riding prospect. We picked p a really nice gelding for $200. And there were plenty of foals and yearlings to be had for $100-500. So if you just love your mare and think a baby foal would be fun head over to an auction or scan Craigslist or Dreamhorse and find yourself one instead. You'll be saving some poor thing as well as not creating more.
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