The Story
Loki, Útgarða-Loki, and Logi
Third reluctantly relates a tale where Thor and Loki are riding in Thor's chariot, which is pulled by his two goats. Loki and Thor stop at the house of a peasant farmer, and there they are given lodging for a night. Thor slaughters his goats, prepares them, puts them in a pot, and Loki and Thor sit down for their evening meal. Thor invites the peasant family who own the farm to share with him the meal he has prepared. Afterward, the peasant child Þjálfi sucks the bone marrow from one of the goat bones, and when Thor goes to resurrect the goats, he finds one of the goats to be lame. In their terror, the family atones to Thor by giving Thor their son Þjálfi and their daughter Röskva.
"I am the giant Skrymir"
Minus the goats, Thor, Loki, and the two children continue east until they arrive at a vast forest in Jötunheimr. They continue through the woods until dark. The four seek shelter for the night. They encounter an immense building. Finding shelter in a side room, they experience earthquakes through the night. The earthquakes cause all four but Thor, who grips his hammer in preparation of defense, to be fearful. The building turns out to be the huge glove of Skrymir, who has been snoring throughout the night, causing what seemed to be earthquakes. All four sleep beneath an oak tree near Skrymir in fear.
Thor wakes up in the middle of the night, and a series of events occur where Thor twice attempts to destroy the sleeping Skrymir with his hammer. Skrymir awakes after each attempt, only to say that he detected an acorn falling on his head or that he wonders if bits of tree from the banches above have fallen on top of him. The second attempt awakes Skrymir. Skrymir gives them advice; if they are going to be cocky at the castle of Útgarðr it would be better for them to turn back now, for Útgarða-Loki's men there won't put up with it. Skrymir throws his knapsack onto his back and abruptly goes into the forest and "there is no report that the Æsir expressed hope for a happy reunion".
The four travelers continue their journey until midday. They find themselves facing a massive castle in an open area. The castle is so tall that they must bend their heads back to their spines to see above it. At the entrance to the castle is a shut gate, and Thor finds that he cannot open it. Struggling, all four squeeze through the bars of the gate, and continue to a large hall. Inside the great hall are two benches, where many mostly large people sitting on two benches. The four see Útgarða-Loki, the king of the castle, sitting. Útgarða-Loki slowly turns to greet them, mocking Thor. Útgarða-Loki says that no visitors are allowed to stay unless they can perform a feat. Loki, standing in the rear of the party, is the first to speak. Loki says "I know a feat that I am quite prepared to go at, that there is no one inside here who can eat his food quicker than I."
Útgarða-Loki ushers forth one of his servants, named Logi, and both participants start eating as fast as they can. Loki, hungry from his journey, eats as never before, but yet Logi eats faster. Loki shoves even more food even faster down his maw, and manages to finish off at the same time as Logi. However, Útgarða-Loki then points out how Logi has eaten the table as well and is therefore declared the winner.
Similar contests involving Thor drinking mead, Thor lifting a cat, Thor wrestling Útgarða-Loki's grandmother and finally Þjálfi racing Håg takes place. In each, Thor and his servant fails. Finally, tired and defeated, the travelers leave Útgarðr, accompanied by Útgarða-Loki who as a farewell explains what took place. Logi was fire, that burns all it eats. The mead was the never-ending ocean, and Thor's drinking is the cause of the tides. The cat was the Jörmungandr, the grandmother was time, who eventually defeats all men, and Håg was Útgarða-Loki's thought - and nothing is quicker than thought. Skrymir was Útgarða-Loki himself, in disguise, and he tricked Thor into hitting a mountain instead, as Thor's blows surely would have killed him.
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