Ponds at Auburn University, Alabama, stocked with 10,600 channel catfish Ictalurus punctatus per hectare that were fed at rates up to 66 kg feed/hectare per day, received water exchanges totaling 0, 1, 2, or 4 pond volumes between July and September. Although feeding rate was high enough to impair water quality, concentrations of dissolved oxygen, total ammonia nitrogen, nitrite-nitrogen, and chemical oxygen demand did not differ (P > 0.05) among treatments, and fish production was not increased by water exchange (P > 0.05).