Bragi began his storytelling by saying that three of the Æsir, Odin, Loki and Hoenir, were once traveling from Asgard and crossed mountains, wildernesses, and deserts, and the food was difficult to find.
They then arrived at a hill overlooking a valley, and they went down the hill into the valley. Here they saw a herd of oxen. They decided to take one of them and began to cook it. When they thought the mead was ready, they opened the cooking pit but saw that the ox was not cooked.
They tried to cook the ox for the second time, and when they opened the cooking pit, the meat was still raw. They stood around the cooking pit and asked each other what could be the cause of this.
Suddenly they heard a voice coming from above the oak tree, which they were standing under. They looked up and saw an eagle sitting on one of the branches; I am the one who is causing the food to remain uncooked. If you are willing to let me eat first, I will let you cook it.
The Æsir was hungry and tired, so they agreed to this, and the eagle flew down from the tree and landed on the pit. The first thing the eagle did was to eat the ox’s two thighs and both of its shoulders.
This made Loki angry, and he picked up a large stick and started swinging it at the eagle with all his might. Loki struck the eagle, and the eagle started to fly away, but the stick was stuck in feathers on the eagle’s body, with Loki hanging and dangling on to the other end.