Research has shown that horses have no preference. Using pellets, feed formulations can be adjusted to meet specific requirements and will still have good acceptance by the horse. Pellets are very digestible. No grain passes in the manure of horses fed pellets. Pellets are particularly good for old horses that have bad, or no, teeth.
Pellets can be economical.
First, horses will not waste as much pelleted feed as they will grain or textured feeds while eating. That's a real advantage. More important, pelleted feeds will not spoil as quickly. Textured feeds become hard in cold weather, dry out in warm weather, and may become dry, moldy, or have clumps of molasses in them in hot weather. If you insist on using textured feeds, remember that they should be consumed within 14-18 days after they're manufactured.