Red-hot Journalism is the 3-1 morning-line favorite for the 151st Kentucky Derby with a favorable No. 8 post position that has tied for the second-most victories in horse racing's marquee event.Sovereignty is the 5-1 second choice in the 20-horse field for the May 3 race and will break from the No. 18 post outside Sandman, who drew the 17th spot on Saturday night and is the 6-1 third choice for the $5 million Derby at Churchill Downs.Bob Baffert’s two entrants face longer odds in the Hall of Fame trainer’s return after a three-year suspension by the historic track after now-deceased colt Medina Spirit failed a postrace drug test after crossing the finish line first in 2021. Rodriguez is at 12-1 while Citizen Bull is at 20-1 after drawing the dreaded No. 1 post.“Well, we got the 1 (spot) out of the way,” joked Baffert, who seeks a record seventh Derby victory. “I'm glad I didn't get the 2 with the other horse.”Good Cheer is the 6-5 favorite for the 151st Kentucky Oaks on May 2. La Cara drew the No. 7 post of 14 entrants with 6-1 odds for the $1.5 million showcase for 3-year-old fillies. Simply Joking (No. 2 post) and Ballerina d'Oro (No. 6) are co-third choices at 10-1 odds.Journalism brings a four-race winning streak into the Derby, including both starts this year along with a fourth in his debut last fall at Santa Anita.“I'm very pleased,” trainer Michael McCarthy said. “What's not to like?”The No. 8 spot has yielded nine wins since the starting gate was first used in 1930, tied for second-most with the No. 10 post. The No. 5 post has 10 victories.The most recent Derby winner from the No. 8 post was Mage two years ago.Those other two spots went to Todd Pletcher-trained Grande (20-1), while D. Wayne Lukas' American Promise is a 30-1 long shot. Japan-based Admire Daytona is also at 30-1.California-based Journalism is coming off a three-quarter-length victory over Baeza, an also-eligible Derby entrant, in the Grade 1 Santa Anita Derby on April 5, the bay colt's third straight graded stakes win.Sandman, trained by Mark Casse, won the Arkansas Derby. Bill Mott-trained Sovereignty enters off a runner-up finish in the Florida Derby to Tappan Street, whom Louisville-born trainer Brad Cox scratched Saturday morning with a leg injury.Related: Only three horses in history have won both the Arkansas Derby and the Kentucky Derby.That defection allowed Render Judgment into the field, giving trainer Kenny McPeek a chance to repeat as Derby winner after Mystik Dan's victory last May, a day after filly Thorpedo Anna won the Oaks.The Derby field with jockey and odds, from the rail out:1. Citizen Bull (Martin Garcia), 20-1; 2. Neoequos (Flavien Prat), 30-1; 3. Final Gambit (Luan Machado), 30-1; 4. Rodriguez (Mike Smith), 12-1; 5. American Promise (Nik Juarez), 30-1; 6. Admire Daytona (Christophe Lamaire), 30-1; 7. Luxor Cafe (Joao Moreira), 15-1; 8. Journalism (Umberto Rispoli), 3-1; 9. Burnham Square (Brian Hernandez Jr.), 12-1; 10. Grande (John Velazquez), 20-1; 11. Flying Mohawk (Joe Ramos), 30-1; 12. East Avenue (Manny Franco), 20-1; 13. Publisher (Irad Ortiz Jr.), 20-1; 14. Tiztastic (Joel Rosario), 20-1; 15. Render Judgment (Julien Leparoux), 30-1; 16. Coal Battle (Juan Vargas), 30-1; 17. Sandman (Jose Ortiz), 6-1; 18. Sovereignty (Junior Alvarado), 5-1; 19. Chunk of Gold (Jareth Loveberry), 30-1; 20. Owen Almighty (Javier Castellano), 30-1. Also eligible: 21. Baeza (Flavien Prat), 12-1.The Oaks field with jockey and odds, from the rail out:1. Early On (Edgard Zayas), 30-1; 2. Simply Joking (Florent Geroux ), 10-1; 3. Fondly (Irad Ortiz Jr.), 30-1; 4. Drexel Hill (Ben Curtis), 30-1; 5. Quickick (Umberto Rispoli), 30-1; 6. Ballerina d'Oro (Flavien Prat), 10-1; 7. La Cara (Dylan Davis), 6-1; 8. Five G (Manny Franco), 12-1; 9. Tenma (Juan Hernandez) 12-1; 10. Take Charge Milady (Brian Hernadez Jr.), 12-1; 11. Good Cheer (Luis Saez), 6-5; 12. Anna's Promise (Junior Alvarado), 30-1; 13. Bless the Broken (John Velazquez), 30-1; 14. Quietside (Jose Ortiz), 80-1.