Follicle activity and gonadotropin concentrations were compared between mares with low body condition (n=9) and mares with high body condition (n=8). Examinations began during the anovulatory season (August 14, Southern Hemisphere) and continued until the second ovulation of the year (63 to 141 days). Mares were fed with a complete diet of 1.5–2.0% of body weight in dry matter/day. Body condition increased slightly and similarly for the two groups during the study. Low body condition compared to high body condition was associated significantly with the following: longer interval to first ovulation (77.8 ± 6.9 vs 63.0 ± 3.8 days), smaller maximum diameter of the ovulatory follicle for the first ovulation (45.6 ± 1.4 vs 51.1 ± 1.0 mm) and second ovulation (45.1 ± 1.8 vs 51.4 ± 1.0 mm), fewer medium follicles (11-19 mm) per day preceding the first ovulation (6.0 ± 0.0 vs 9.1 ± 1.5) and fewer large follicles (≥ 20 mm) preceding the second ovulation (1.3 ± 0.2 vs 2.0 ± 0.2). During the last 19 days of the interovulatory interval, each of the four largest follicles was smaller in mares with low body condition than in mares with high body condition. There were no differences between groups in growth rate of the ovulatory follicle or in concentrations of FSH and LH, preceding either the first or second ovulations. Results indicated that low-body condition was associated with reduced follicle development, including diameter of the ovulatory follicle, during the transition between the anovulatory and ovulatory seasons and during the first interovulatory interval of the ovulatory season. These results were not attributable to altered circulating concentrations of FSH and LH.