Rangeland ecosystems worldwide are characterized by a high degree of uncertainty in precipitation, both within and across years. Such uncertainty creates challenges for livestock managers seeking to match herbivore numbers with forage availability to prevent vegetation degradation and optimize livestock production. Here, we assess variation in annual large herbivore production (LHP, kg/ha) across multiple herbivore densities over a 78‐yr period (1940–2018) in a semiarid rangeland ecosystem (shortgrass steppe of eastern Colorado, USA) that has experienced several phase changes in global‐level sea surface temperature (SST) anomalies, as measured by the Pacific Decadal Oscillation (PDO) and the El Niño–Southern Oscillation (ENSO). We examined the influence of prevailing PDO phase, magnitude of late winter (February–April) ENSO, prior growing‐season precipitation (prior April to prior September) and precipitation during the six months (prior October to current April) preceding the growing season on LHP. All of these are known prior to the start of the growing season in the shortgrass steppe and could potentially be used by livestock managers to adjust herbivore densities. Annual LHP was greater during warm PDO irrespective of herbivore density, while variance in LHP increased by 69% (moderate density) and 91% (high density) under cold‐phase compared to warm‐phase PDO. No differences in LHP attributed to PDO phase were observed with low herbivore density. ENSO effects on LHP, specifically La Niña, were more pronounced during cold‐phase PDO years. High herbivore density increased LHP at a greater rate than at moderate and low densities with increasing fall and winter precipitation. Differential gain, a weighted measure of LHP under higher relative to lower herbivore densities, was sensitive to prevailing PDO phase, ENSO magnitude, and precipitation amounts from the prior growing season and current fall–winter season. Temporal hierarchical approaches using PDO, ENSO, and local‐scale precipitation can enhance decision‐making for flexible herbivore densities. Herbivore densities could be increased above recommended levels with lowered risk of negative returns for managers during warm‐phase PDO to result in greater LHP and less variability. Conversely, during cold‐phase PDO, managers should be cognizant of the additional influences of ENSO and prior fall–winter precipitation, which can help predict when to reduce herbivore densities and minimize risk of forage shortages.