Rations with target DM proportions of 35, 45, and 65%, attained by soaking the grain mix in water for 24 h, were fed to 46 mid to late lactation, multiparturient dairy cows in two experiments (Experiment 1, 35 and 45% DM; Experiment 2, 45 and 60% DM) to examine the effect of DM percentage of the totally mixed ration on intake and production of cows. Water-soaked concentrate and alfalfa silage were mixed daily and fed ad libitum. Dry matter intake and milk yield and composition were not influenced by the moisture content of the mixed ration in either experiment. Ruminal pH, ammonia N concentration, total VFA, and molar proportions of individual VFA also were not influenced by ration DM in either experiment. Results suggest that rumen water efflux, as influenced by addition of water to the concentrate portion of the mixed ration, is not a factor limiting intake in dairy cows fed high moisture mixed rations. © 1990, American Dairy Science Association. All rights reserved.