1. Big Orange. Jockey: Jamie Spencer. Handicap: 57kg. Fixed win: $16. Fixed place: $4.75
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Why it can win: Hailed as probably the "best two miler in Europe" by his trainer. Ran well in the race last year when fifth. They reckon he is a much better horse this year. But they always say that.
Why it can't win: Now has to carry the 57kg topweight after the withdrawal of several others. Hasn't raced since July which is always a question mark. Has been getting around in Melbourne looking like a Spice Girl with his union jack rug on.
2. Our Ivanhowe. Jockey: Dwayne Dunn. Handicap: 57kg. Fixed win: $41. Fixed place: $11
Why it can win: Trained with this race and this race only in mind. Has already won a group 1 in Australia. Co-trained by the master in Lee Freedman, a five-time Cup winner.
Why it can't win: Safely held in his last two runs, including the Turnbull Stakes by Melbourne Cup favourite Hartnell. And he now has to give Hartnell weight. Too stiff a task.
3. Curren Mirotic. Jockey: Tommy Berry. Handicap: 56.5kg. Fixed win: $34. Fixed place: $9.25
Why it can win: Japanese stayers are better than most. Just beaten in Japan's Tenno Sho over two miles earlier this year at 100-1. That effort alone has him right in a race like this.
Why it can't win: Wearing more bandages than a mummy during trackwork in Melbourne. Never a good sign. Hasn't won for a very, very, very long time. Or since Moses was a little boy (November 2013 to be precise). Oh, and he's got barrier 18. No horse has jumped from there and won a Melbourne Cup. And no nine-year-old has won it either. Good luck.
4. Bondi Beach. Jockey: Ryan Moore. Handicap: 56kg. Fixed win: $9.50. Fixed place: $3.10
Why it can win: Aidan O'Brien. Lloyd Williams. Ryan Moore. Is there a more imposing trio to combine with a high profile horse? Looks a huge improver from last year's Melbourne Cup effort when was so young he could have worn diapers against the race's hard heads.
Why it can't win: Aidan O'Brien. He doesn't have fond memories of Melbourne. Still yet to completely tick the two mile box.
5. Exospheric. Jockey: Damien Oliver. Handicap: 56kg. Fixed win: $21. Fixed place: $6
Why it can win: Sizzled late when running third in the Caulfield Cup a fortnight ago. That was as good a sign as any in his first run in Australia. A man called Damien Oliver hops aboard. Has had a little experience winning Melbourne cups.
Why it can't win: European form looks a little below that of some of the other travellers. Weighted right up to his best.
6. Hartnell. Jockey: James McDonald. Handicap: 56kg. Fixed win: $5. Fixed place: $2
Why it can win: Absolutely donkey licked everything he's raced against this spring - with the exception of super mare Winx - including Caulfield Cup winner Jameka. Just looks the best horse in the race.
Why it can't win: Godolphin. The Cup has been a curse for them. And now they've got the favourite! Both two mile runs in Australia have yielded below par results, albeit with some excuses. How much did the Cox Plate take out of him?
7. Who Shot Thebarman. Jockey: Hugh Bowman. Handicap: 56kg. Fixed win: $41. Fixed place: $11
Why it can win: It will have millions of racing blow-ins cheering it because of its name alone! Been here and done it before running third in the 2014 Melbourne Cup.
Why it can't win: Hasn't been in the form like before he ran third in the 2014 Melbourne Cup. Awful barrier and hasn't got within cooee of Hartnell a couple of times this spring.
8. Wicklow Brave. Jockey: Frankie Dettori. Handicap: 56kg. Fixed win: $19. Fixed place: $5.50
Why it can win: Racetrack rattle has this the best of the European contingent to have settled in at quarantine. European formlines look outstanding. Canny Irish trainer and a magician on horseback. It's a good mix.
Why it can't win: Barrier 24. If it started any wider Frankie Dettori could high five the punters lining the outside fence down the straight the first time. An eight-year-old horse who is not getting any younger.
9. Almoonqith. Jockey: Michael Walker. Handicap: 54.5kg. Fixed win: $21. Fixed place: $6
Why it can win: Genuine two mile specialist who arguably caught the eye most when surging late into fifth in the Caulfield Cup. Has been circling one of these big races for a while.
Why it can't win: A little bit of a tease. Runs on most starts and says, 'back me next time'. You shouldn't. Hasn't won for almost a year.
10. Gallante. Jockey: Blake Shinn. Handicap: 54.5kg. Fixed win: $71. Fixed place: $18.50
Why it can win: Won the Sydney Cup in the autumn, a reasonable pointer for this. Lloyd Williams only cares about this race. Should get a marshmallow soft run in transit from the barrier. That will give him a fluker's hope.
Why it can't win: Beaten out of sight in the Moonee Valley Gold Cup last week. Old school punters will tear the grandstand down if he can turn it around in the space of 10 days.
11. Grand Marshal. Jockey: Ben Melham. Handicap: 54.5kg. Fixed win: $41. Fixed place: $11
Why it can win: He just keeps going and going and going until most of his rivals have had enough. Won't have one iota of difficulty with the two miles, where his record is outstanding. And comes into this in rare winning form after his Moonee Valley success.
Why it can't win: Sometimes just plods along too slowly for his rivals who possess a sharper turn of foot and will be off and gone before he knows it. Slight class query in a field like this.
12. Jameka. Jockey: Nick Hall. Handicap: 54.5kg. Fixed win: $8. Fixed place: $2.75
Why it can win: Absolutely towelled a lot of these when winning the Caulfield Cup. Has a perfect sense of timing and has drawn ideally. Her trainer is a superstar-in-making. Only Australian-bred horse in the race. That's got to count for something, right?
Why it can't win: Four-year-old mares don't carry 54.5kg and win Melbourne cups. It just very rarely happens. Hartnell gave her a beating prior to that. How does she bridge the gap?
13. Heartbreak City. Jockey: Joao Moreira. Handicap: 54kg. Fixed win: $14. Fixed place: $4.25
Why it can win: His owners. It will be one mighty party if he does win. Or should that be a heap of craic? Seriously, his form against some of the other Europeans here for the race looks outstanding. A Brazilian bloke nickname the 'Magic Man' will ride him.
Why it can't win: The 'Magic Man' will need to weave some sort of spell from barrier 23. Didn't really figure out how to win race until this year. That's a slight query in a race like this.
14. Sir John Hawkwood. Jockey: Blake Spriggs. Handicap: 54kg. Fixed win: $101. Fixed place: $26
Why it can win: Won a group 1 two starts back in Sydney. Always shaped like the two miles would be a favourable distance. His jockey gave up a promising soccer career for a moment like this. He'll be keen.
Why it can't win: Just not in the same class as a lot of these. Had excuses, but was still soundly beaten in the Caulfield Cup. Might find it too hard to be in the finish here.
15. Excess Knowledge. Jockey: Vlad Duric. Handicap: 53.5kg. Fixed win: $81. Fixed place: $21
Why it can win: Gai. Has the touch of a master trainer. Ran super in this race last year when finishing seventh and safely inside the top 10.
Why it can't win: Will never get a better chance to win a Melbourne Cup than last year given circumstances of race. Not in the same form as 12 months ago.
16. Beautiful Romance. Jockey: Damian Lane. Handicap: 52.5kg. Fixed win: $51. Fixed place: $13.50
Why it can win: Struggling to find a reason. Any reason. It has drawn barrier one which produced last year's winner? Yeh, that'll do. Was a good winner at group 2 level earlier this year. Tough ask.
Why it can't win: Going to need too many things to go right for her. Doesn't look to have the class of some of the other Europeans. Might be a better hope in another 12 months. Did we mention what the Europeans' record is like winning a Melbourne Cup without an Australian lead-up run?
17. Almandin. Jockey: Kerrin McEvoy. Handicap: 52kg. Fixed win: $15. Fixed place: $4.50
Why it can win: Maybe the best of Lloyd Williams' quartet. Coasted to victory in The Bart Cummings, where some of the beaten brigade have emerged to run well in a Caulfield Cup. Has one of the best riders of stayers, Kerrin McEvoy, on his back. Ticks plenty of boxes.
Why it can't win: Has been up for a long time. A very, very long time. His preparation spans back to Europe earlier in the year and he's been racing almost every month since. It's an unusual way to win a Melbourne Cup.
18. Assign. Jockey: Katelyn Mallyon. Handicap: 52kg. Fixed win: $71. Fixed place: $18.50
Why it can win: The last of Lloyd's legion. Just the right type of horse to run well in a Melbourne Cup. Hasn't run for almost a month after winning the Herbert Power, but looks to have plenty of upside. Out of sight, but shouldn't be out of mind. Can surprise in hardly a vintage year.
Why it can't win: How much work will he have to do from barrier 22? Probably too much given he will gunning for the early lead. Is he still another year away? Too many doubts.
19. Grey Lion. Jockey: Glen Boss. Handicap: 52kg. Fixed win: $34. Fixed place: $9.25
Why it can win: Very, very good run in the Geelong Cup. Should have improved from that first run in Australia. Glen Boss knows a thing or two about winning them. Apparently women swoon over his trainer Matt Cumani, the son of Italian-born British-based Luca. Imagine what the country will think if Grey Lion wins ...
Why it can't win: Is he quite good enough to win a race like this? Maybe not yet. Cumani's haven't had much fun with the Melbourne Cup. Neither have his ownership group OTI Racing. This horse probably can't change it.
20. Oceanographer. Jockey: Chad Schofield. Handicap: 52kg. Fixed win: $7. Fixed place: $2.50
Why it can win: Did you see him on Saturday? If that wasn't a slashing Melbourne Cup trial then I don't know what is. Two miles looks ideal. Has snuck into the race with just 52kg. Already had two runs in Australia and looks to be loving it more than a beetroot-faced Pommy on Bondi Beach.
Why it can't win: He might not even be the best chance from Godolphin let alone taking care of the others. Chad Schofield hasn't had any experience riding him. Finished a long way behind Heartbreak City in Europe earlier this year.
21. Secret Number. Jockey: Stephen Baster. Handicap: 52kg. Fixed win: $34. Fixed place: $9.25
Why it can win: Very, very rarely runs a bad race. Looks to have beaten the handicapper with just 52kg. Has run OK in Australia last spring so has experience in southern hemisphere conditions.
Why it can't win: Only raced once in the last 12 months which has to rate a concern. Can't imagine his jockey would have even laid eyes on him much let alone ridden him. Is he fit enough and ready for this in just second run in a year?
22. Pentathlon. Jockey: Mark Du Plessis. Handicap: 51.5kg. Fixed win: $126. Fixed place: $31
Why it can win: Old tough New Zealand hard nut who looks the type of horse which relish these races. His trainer has been there and almost done it before. Knows what it takes.
Why it can't win: Didn't exactly inspire or enthuse with a down the track finish in the Lexus Stakes. Having third run in 10 days? Hope he likes his work. And can turn his form around abruptly.
23. Qewy. Jockey: Craig Williams. Handicap: 51.5kg. Fixed win: $21. Fixed place: $6
Why it can win: A bloke named Charlie Appleby trains him. He has Melbourne's Midas touch at the moment. His horses just don't know how to lose. And this one looks as good as any.
Why it can't win: But he might not be as good as his stablemate Oceanographer. Given the special treatment of a hastily manufactured yellow cap because the other four Godolphin runners took the main ones. Bad sign?
24. Rose Of Virginia. Jockey: Ben Thompson (apprentice jockey). Handicap: 51kg. Fixed win: $151. Fixed place: $36
Why it can win: It can't.
Why it can't win: Where do we start?
Odds provided by commercial partners Ladbrokes.
