• Live coverage: Melbourne Cup 2014 as it happens

In an increasingly regimented and technologically dictated world, the Melbourne Cup remains a marvel.

Fancy a grown up country effectively taking the day off for a giant party. Oh, yes, and a horse race.

It is a cliche but, like most cliches, unassailably true. At 3pm on Tuesday, people who wouldn’t know a fetlock from a furlong will pause for just over three minutes – at a local barbecue, in their nursing home, at a pub or, for the unfortunate, at their workplace – to watch one of the world’s great staying events.

American writer Mark Twain, after a visit to the Cup in 1895, described it as “supreme”.

“It has no rival. I can call to mind no specialised annual day, in any country, which can be named by that large name — Supreme.”

Since then it has buoyed a country through depression (with help from Phar Lap), witnessed changing social trends (think Jean Shrimpton’s mini in 1965) and been transformed into a truly international event thanks to Vintage Crop’s breakthrough win in 1993.

Then there was perhaps the most remarkable storyline of all, the Makybe Diva three-peat of 2003-05.

A new chapter will be written on Tuesday, in which local hopes will try to hold off international challengers from five different nations. In keeping with the beautiful unpredictability of it all, the winner could be an Arab sheikh, a wealthy Japanese businessman or a bloke with an Australian accent broader than the Nullarbor.

And, once the dust settles and the head clears, no one will mind too much.

In the meantime, here is what you need to know to get you through Melbourne Cup 2014 …

Nine-year-old Red Cadeaux, in his fourth Cup, will be a sentimental favourite. Photo: Getty

Start time: 3pm
Distance: 3200 metres
Forecast: 29, with afternoon cool change
Race record: 3 mins, 16.3 seconds by Kingston Rule, 1990
Attendance record: 122,736 in 2003

Overseas raiders
11 out of 23 starters (England 6, Ireland 2, Japan 1, Germany 1, France 1)

Dad’s army
The Cup is generally won by four- and five-year-olds, and the last four have been won by six-year-olds. There have been only two eight-year-old winners, the most recent in 1938. Yet this race has four nine-year-olds (Cavalryman, Red Cadeaux, Royal Diamond, Precedence) and two eight-year-olds (Willing Foe, Unchain My Heart)

Fawkner, with Nicholas Hall on board, will be leading the local hopes. Photo: Getty

Family affair
Glyn Schofield (Au Revoir) and Chad Schofield (Mr O’Ceirin) will become the first father and son to ride in the Cup since 1968

Scratching
Sea Moon was scratched on Monday with an elevated temperature, leaving owner Lloyd Williams – who had six runners last year – with one horse in the race, the highly fancied Fawkner

Daniel Meehan tips
1st Admire Rakti
2nd Signoff
3rd My Ambivalent
4th Lucia Valentino
5th Fawkner

Trial Files tip
1st Fawkner
2nd Admire Rakti
3rd Signoff
4th Opinion
5th Red Cadeaux

Daniel Meehan’s good oil on all 23 starters

1. ADMIRE RAKTI

Country Japan
Jockey Zac Purton
Trainer Tomoyuki Umeda
Weight 58.5kg
Barrier 8
Age 7
Gender Entire
Odds $5.50

The good oil
The last horse to carry more than 58kg to victory was Think Big in 1975. Huge win in Caulfield Cup (2400m). Rightful favourite but note Dunaden was favourite in 2012 after his Caulfield Cup triumph before running 14th with 59kg.

2. CAVALRYMAN Scratched

Country England
Jockey Craig Williams
Trainer Saeed Bin Suroor
Weight 57kg
Barrier 3
Age 9
Gender Entire
Odds $26

The good oil
Godolphin veteran who ran 12th in 2012. In form with Goodwood Cup (3200m) win in England in July. Will run trip but might be too dour to go with them at the top of the straight.

3. FAWKNER

Country Australia
Jockey Nicholas Hall
Trainer Robert Hickmott
Weight 57kg
Barrier 9
Age 7
Gender Gelding
Odds $8

The good oil
Ultra consistent Lloyd Williams gelding who is one of few local hopes. Massive effort when sixth in this race last year coming from near last. Likely to be closer to the speed this year and will be in it for a long way.

4. RED CADEAUX

Country England
Jockey Gerald Mosse
Trainer Ed Dunlop
Weight 57kg
Barrier 15
Age 9
Gender Gelding
Odds $21

The good oil
Striking chestnut war horse who is out of form but seems to thrive in Australia. Was runner-up in 2011 and 2013. French jockey famously sat wide on Americain in the 2012 BMW and might do the same here from barrier 15.

5. PROTECTIONIST

Country Germany
Jockey Ryan Moore
Trainer Andreas Wohler
Weight 56.5kg
Barrier 11
Age 5
Gender Entire
Odds $7.50

The good oil
Lightly raced German galloper who ran home strongly for fourth in the Herbert Power (2400m) carrying 59kg. That form was franked in the Lexus Stakes (2500m) by Signoff/Big Memory. Note the Herbert Power was run six seconds quicker than the Caulfield Cup.

6. SEA MOON Scratched

7. SEISMOS

Country England
Jockey Craig Newitt
Trainer Marco Botti
Weight 56kg
Barrier 1
Age 7
Gender Gelding
Odds $61

The good oil
One-paced type who will appreciate step up to 3200m and big track at Flemington. Suspect he’ll be left flat footed before coming again late for a top-10 finish.

8. JUNOOB

Country Australia
Jockey Hugh Bowman
Trainer Chris Waller
Weight 55.5kg
Barrier 7
Age 7
Gender Gelding
Odds $26

The good oil
Waller import who hasn’t run a bad race this year. Had no luck in the Caulfield Cup when trapped wide, but kept coming to finish two lengths from the winner. Should get a better run from barrier 7 and appears one of the better value hopes.

9. ROYAL DIAMOND

Country Ireland
Jockey Steven Arnold
Trainer Johnny Murtagh
Weight 55.5kg
Barrier 6
Age 9
Gender Gelding
Odds $81

The good oil
Irish raider who was well beaten in Irish St Ledger last start. Not sure there will be enough spring in the nine-year-old’s hooves to trouble this field.

10. GATEWOOD

Country England
Jockey William Buick
Trainer John Gosden
Weight 55kg
Barrier 22
Age 7
Gender Entire
Odds $71

The good oil
English visitor having his second trip to Melbourne (won 2012 Geelong Cup 2400m). Brings solid form from UK and France during the European summer, and seems good value at 70-1.

11. MUTUAL REGARD

Country Ireland
Jockey Damien Oliver
Trainer Johnny Murtagh
Weight 55kg
Barrier 12
Age 6
Gender Gelding
Odds $11

The good oil
More fancied of Johnny Murtagh’s Irish visitors. Last start winner of traditional lead-up race the Ebor Handicap (2800m) in England. Seems to be on the up and fits the weight profile of recent European winners of the cup – Americain, Dunaden, etc.

12. WHO SHOT THEBARMAN

Country Australia
Jockey Glen Boss
Trainer Chris Waller
Weight 55kg
Barrier 13
Age 6
Gender Gelding
Odds $17

The good oil
Auckland Cup (3200m) winner earlier this year who over-raced and faded in the Caulfield Cup. Will appreciate rise in distance and return to Flemington. Sure to be a crowd favourite with his fantastic name.

13. WILLING FOE

Country England
Jockey James McDonald
Trainer Saeed Bin Suroor
Weight 55kg
Barrier 17
Age 8
Gender Gelding
Odds $21

The good oil
Second-string Godolphin raider who was beaten eight lengths in Irish St Ledger last start. Previous form was better and unfancied Godolphin runners tend to perform better in this race (think Central Park, Give The Slip, Crime Scene).

14. MY AMBIVALENT

Country England
Jockey Andrea Atzeni
Trainer Roger Varian
Weight 54.5kg
Barrier 4
Age 6
Gender Mare
Odds $41

The good oil
Has impressive form lines around Japan Cup winner Gentildonna and French champion Cirrus de Aigles. Represents great value at $41. Has had a minor setback that kept her from running in the Caulfield Cup, so the 3200m first-up will be the query.

15. PRECEDENCE

Country Australia
Jockey Michael Rodd
Trainer Bart & James Cummings
Weight 54.5kg
Barrier 20
Age 9
Gender Gelding
Odds $81

The good oil
Nine-year-old having his fourth attempt at the race. Think his best form was a few season back. Would take some Cummings magic to get him near the placegetters.

16. BRAMBLES

Country Australia
Jockey Luke Nolan
Trainer Peter Moody
Weight 54kg
Barrier 21
Age 6
Gender Gelding
Odds $71

The good oil
Was racing in great fashion before fading in the Mackinnon Stakes (2000m) on Saturday. Might be showing signs he’s ready for a spell.

17. MR O’CEIRIN

Country Australia
Jockey Chad Schofield
Trainer Ciaron Maher
Weight 54kg
Barrier 19
Age 7
Gender Gelding
Odds $201

The good oil
Honest campaigner, but if you’ve drawn him in the sweep you’re probably more likely to profit from him running last than finishing in the placings.

18. AU REVOIR

Country France
Jockey Glyn Schofield
Trainer Andre Fabre
Weight 53.5kg
Barrier 23
Age 5
Gender Entire
Odds $71

The good oil
Emerging French galloper who will be better for the Moonee Valley Cup run, where he gave a good sight before being collared late. French form tends to stack up in the cup …

19. LIDARI

Country Australia
Jockey Ben Melham
Trainer Peter Moody
Weight 53.5kg
Barrier 10
Age 6
Gender Entire
Odds $71

The good oil
Close up in Caulfield Cup but is a query at the distance. If he can get a soft run could feature but others seem to have stronger credentials at 3200m.

20. OPINION

Country Australia
Jockey Tye Angland
Trainer Chris Waller
Weight 53.5kg
Barrier 14
Age 6
Gender Gelding
Odds $61

The good oil
Great run in Group 1 Metropolitan Handicap (2400m) when stormed home. Then not suited by stop-start tempo at Moonee Valley. Would not leave him out of exotics.

21. ARALDO

Country Australia
Jockey Dwayne Dunn
Trainer Mike Moroney
Weight 53kg
Barrier 24
Age 7
Gender Entire
Odds $26

The good oil
Career best performance in Caulfield Cup when stormed home for 5th. Will have to go back from wide barrier but expect him to be strong late.

22. LUCIA VALENTINA

Country Australia
Jockey Kerrin McEvoy
Trainer Kris Lees
Weight 53kg
Barrier 3
Age 4
Gender Mare
Odds $8

The good oil
Huge run in Caulfield Cup coming from well back to miss by under a length. Has the acceleration and stamina to win, will just need to avoid trouble from the inside draw.

23. UNCHAIN MY HEART

Country Australia
Jockey Dean Yendall
Trainer David Hayes & Tom Dabernig
Weight 51.5kg
Barrier 5
Age 8
Gender Mare
Odds $101

The good oil
Beat one runner home in the Caulfield Cup. Will appreciate the 3200m but looks to be outclassed.

24. SIGNOFF

Country Australia
Jockey Joao Moreira
Trainer Darren Weir
Weight 51kg
Barrier 16
Age 5
Gender Gelding
Odds $7.50

The good oil
Carries featherweight which is even further from most rivals this year with weights raised 2kg when first announced. Stable in great form, as is superstar jockey who is proving a revelation this spring. Looks to be Australia’s great hope to thwart the Japanese and European raiders.

• Odds were taken from Sportingbet at 3pm on Monday, 24 hours before the race start.
• An entire is an uncastrated male horse; a gelding is a castrated male horse.