Nineteen weanling horses (average age = 147 d) were divided into exercised (EX; n = 10) and nonexercised (NEX; n = 9) groups, with age, sex and breed represented as equally as possible. The EX group was exercised on an automatic walker at a medium trot for up to 20 min, 5 d each week. Both groups were fed to meet 100% of their protein and 110% of their energy requirements (NRC, 1978). The EX group's diet was supplemented, on exercise days, with corn starch to meet the additional energy requirements for exercise. The experiment was conducted over a 111-d period. Body weight was measured at 10-d intervals, and height at the withers and metacarpal circumference was measured at 20-d intervals. Radiographs of the distal radius, metacarpal joint and the proximal and distal ends of the third metacarpal were taken at 147, 218 and 255 d of age to determine bone density and to observe any possible bone abnormalities. There were no differences between groups in weight or wither height gain; however, gain in third metacarpal circumference was greater (P less than .01) in the EX group than in the NEX group from 167 to 215 d of age. Bone density in the EX group increased by a greater amount (P less than .06) than in the NEX group by the end of the trial. There were no lameness problems or bone abnormalities observed in either group. Exercise training of horses during the weanling to yearling age period was shown to improve the stress-bearing characteristics (radiographic bone density and metacarpal circumference) of the third metacarpal without affecting the quantity of body growth.