Those in possible contention have been known for several months, since September 1 when a list of 140 nominations was announced. It's now down to an order of entry of 42, less big Kiwi hope Mongolian Khan. Winning the Caulfield Cup a fortnight ago gave it an automatic place in the field, but an attack of colic has forced it to be withdrawn - just about as tragic as if the All Blacks were to be beaten in the other cup tomorrow morning.
De Gruchy says with the withdrawal of Mongolian Khan, which would have been no worse than third favourite, the race is wide open, with a need to respect Japanese hope Fame Game, as the bookmakers have made it favourite.
It was sixth in the Caulfield Cup, its only other race on the trip, but it has twice won a 3400m race in Japan - 200 metres longer than the Melbourne Cup.
Similarly Irish galloper Trip To Paris, which has won at 3800m and 4000m, and was runner-up to Mongolian Khan in the Caulfield Cup.
"But the one I like is Preferment," De Gruchy says.
"It might be a year early, maybe, but he could be right in it."
It's about as close to a Hawke's Bay connection as one gets in this year's big race. The trainer, Chris Waller, from Foxton but now based in Australia, selected the horse at a Karaka sale and, says Mr De Gruchy "probably had a bit of help from Rob Mulcaster ... who came from Hawke's Bay."
Preferment won the Victoria Derby as a 3-year-old last year, and was last month runner-up in the Turnbull Stakes, a race which but for the sudden emergence of the northern visitors often acts as a Melbourne Cup pointer.
The big Australian hope is Criterion, trained by David Hayes, and another is The Offer, trained by Gai Waterhouse and winner of the 2014 Sydney Cup plus this week's Bendigo Cup, carrying a huge weight of 59kg.
"But then you get the Irish trainer, Aidan O'Brien, who rocksin with two horses [Bondi Beach and Kingfisher] who we all know nothing about," De Gruchy says.
Sentimental punters have no option but to include 10-year-old global campaigner Red Cadeaux, the only horse to have run second three times in the race.
De Gruchy's own sentiment surrounds sire Zabeel, which died at the age of 19 in September and sired three Melbourne Cup winners.
"I'll be having a look," he said.
Preferment was sired by Zabeel, while the only other Zabeel-linked horse still with any hope is Zanteca, No42 on the list and which must win the 2500m Lexus Stakes at Flemington today to get a place in the field.