When a horse is looking for this distance, it means that it has been running its previous races at a different distance range (e.g. 1200-1400m), and those races have suggested that it will be better suited by this distance (e.g. 1600m).
Most often used in a scenario where a horse steps up in distance after running over shorter horse races and catching the eye late.
Mate 1: "Don't tell me you're going to back that horse in the Melbourne Cup. He's never even run over 2,400 metres, let alone two miles!
Mate 2: "Did you see his run in the Cox Plate? He's crying out for this distance."