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July 31, 2026S02E96CHASING THE UNICORN

Old Elk's Three-Bottle Bourbon Experiment

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July 31, 2026

Old Elk's Three-Bottle Bourbon Experiment

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One distillery. Three bourbons. One day. Same age, same price — only the grain changes. Old Elk just handed drinkers the cleanest mash bill comparison the category's seen in a long time, no lottery required.

I'm John from Chasing the Unicorn Podcast. Here's what moved today. July 31, 2026.

Today's Big Move — one distillery deciding not to pick a favorite. Here's what happened.

Old Elk Distillery, under Middle West Spirits' ownership since last year, released its first major collection nationwide on Tuesday: a Straight Bourbon, a Wheated Bourbon, and a Straight Wheat Whiskey. All ten years old. All sixty-nine ninety-nine. All on shelves the same day. The only variable is the grain. The Straight Bourbon runs fifty-one percent corn, thirty-four percent malted barley, fifteen percent rye, at a hundred and five proof. Swap that rye for wheat and you get the Wheated Bourbon — forty-six percent wheat, same proof. Push all the way to ninety-six percent soft red winter wheat and you land on the Straight Wheat Whiskey.

Normally, tasting mash bill differences means cross-shopping different brands, different ages, different prices — too many variables to draw a clean line. Old Elk removed every one of them. Same distillery. Same decade in the barrel. Same shelf tag. For two hundred and ten dollars, you can run a controlled bourbon tasting most people spend years piecing together bottle by bottle. That's not a small thing. That's the whole story.

Now — today's Flight. Because it isn't just three bottles sitting next to each other. It's a debate the bourbon community has already started having.

The Flight this week puts the Straight Bourbon head to head with the Wheated Bourbon — same distillery, same age, same day, same price, mash bill as the only real variable. The Straight Bourbon's fifteen percent rye share points toward more spice — black pepper, a drier entry, a longer, sharper finish. The Wheated Bourbon trades that rye for wheat, and the profile softens — rounder, more caramel and vanilla, a gentler finish that leans sweet instead of hot. If you already like a spicier, traditional bourbon, the Straight wins. If you're a Maker's Mark or Weller drinker, the Wheated Bourbon is your lane, now with a full decade behind it instead of the usual six or seven years.

And that's exactly what's fueling this week's Bar Talk. One camp says this is as close to a real, controlled taste test as a shelf ever offers — hold the distillery, the age, and the proof constant, and only the grain moves. The skeptical camp says without a blind tasting, you'll just taste whatever the label tells you to, and two hundred and ten dollars is an expensive way to confirm what you already believed. Here's my take — the self-fulfilling-expectations critique is fair. But the underlying comparison is still real. Holding almost everything constant and changing one variable is closer to an actual experiment than nearly anything else on a shelf right now.

Which brings me to today's First Sip — because there's another release this week that only makes sense once you understand where sourced whiskey actually comes from.

So here's what it is. NDP stands for non-distiller producer — a brand that doesn't run its own still. It buys whiskey from a contract distillery, ages or finishes it, bottles it, and puts its own name on the label. The biggest source in the country is MGP of Indiana, whose bulk whiskey backs dozens of brands you'd swear were distilling their own juice. Sourced whiskey isn't a red flag by itself — MGP makes real, well-regarded whiskey. The difference is honesty about it. This week, a Wisconsin brand called Dancing Goat launched a label called Stillman's Sonder, built from MGP barrels distilled between 2010 and 2016. Instead of hiding that, they built the whole story around it — a former MGP stillman's own son and grandson doing the barrel selection, putting his name on the bottle. That's the opposite of a brand hiding behind heritage marketing while quietly buying the same barrels as fifty competitors.

What this changes — next time you're holding a bottle, check the back label for "distilled in" a state that doesn't match where the brand claims to be from. That's sourced whiskey. Now you know the right question to ask about it. And if you're logging pours, drop Stillman's Sonder into your Perfect Pour Logbook next to anything else you own that traces back to MGP — the app's available now at theperfectpourapp.com, and watching your Pour Print line up by distillery is a fast way to learn what you actually gravitate toward.

One more before we close. Garrison Brothers just opened its first-ever pre-sale window for Hye Rye — a high-rye bourbon out of Texas that hasn't seen a real release since a thousand-bottle drop back in 2020. Thirty-seven percent organic rye means a spicier, drier pour than their flagship, layered with that Texas-heat caramel extraction they're known for. Ninety-nine ninety-nine, limit four bottles, window open through August tenth. The bottle doesn't ship until 2028 — that's a real patience test — but locking in the price now beats whatever this trades for once it's actually in hand.

So here's the one thing to take with you. A shelf full of bourbon can teach you more than any review ever will, if you know how to read it. Three bottles from one distillery, at the same age and price, aren't a gimmick — they're a lesson somebody else already built for you. The best bourbon education this year might not come from a class. It might come from your own kitchen counter.

That's The Cut. The full American Whiskey Industry Brief is free every morning at chasingtheunicornpodcast.com. I'm John Schuster. Thanks for joining me. Your unicorn is out there.

Old Elk didn't pick one bourbon to headline its relaunch under Middle West Spirits — it released three, all at once. A Straight Bourbon, a Wheated Bourbon, and a Straight Wheat Whiskey, each 10 years old, each $69.99, each on shelves July 29. The only variable across the trio is the grain, which turns a normal shelf trip into a controlled comparison most drinkers spend years assembling on their own. Today's Cut also covers sourced whiskey and NDPs through Dancing Goat's new Stillman's Sonder label — built around a former MGP stillman's own son and grandson — and flags Garrison Brothers' first-ever Hye Rye pre-sale window as this week's bottle worth chasing. Listen to today's full episode of The Cut for the breakdown, and read the complete American Whiskey Industry Brief for everything else that moved this week.

Listen to today's episode and find us on Spotify and everywhere you listen at chasingtheunicornpodcast.com/episodes — next episode Monday morning.

The Cut Daily
The pulse of American whiskey: What moved — and why it matters.
Chasing the Unicorn Podcast Edition · A Drunken Unicorn Production
Report Date: July 31, 2026
Reporting Period: July 29, 2026 through July 31, 2026
Classification: Free Edition · Share with Attribution
Free Edition · The Cut Daily · Chasing the Unicorn Podcast · A Drunken Unicorn Production · Drunken Unicorn Productions, LLC. The Cut Daily is the free gateway brief to the American Whiskey Industry Brief. Share, quote, and repost freely with attribution. Required attribution: "The Cut Daily · July 31, 2026 · Chasing the Unicorn Podcast · A Drunken Unicorn Production." The full AWIB is published free every morning at chasingtheunicornpodcast.com. Permissions and inquiries: chasingtheunicornpodcast.com.

Informational and entertainment purposes only. Nothing here is investment advice. Verify before buying, trading, or bidding. We are not liable for errors or financial losses.
What Is The Cut Daily? — The Cut Daily is the free written brief from Chasing the Unicorn. Every weekday we translate the biggest moves in American whiskey into plain English, teach one bourbon concept you can use at the shelf today, flag one bottle under $60 worth knowing about, and curate three Hunt picks across three price tiers. Knowledge-first chase. No FOMO. Just what moved and why it matters.
The full American Whiskey Industry Brief — every story, every Hunt entry, every debate, every auction — is published free every morning. If you want the full pour, not just the taste, read it at chasingtheunicornpodcast.com/the-brief/.
The Cut Daily is the free written companion to today's American Whiskey Industry Brief.
IN TODAY'S CUT

One distillery. Three bourbons. One day. Old Elk released a Straight Bourbon, a Wheated Bourbon, and a Straight Wheat Whiskey on the same day, at the same age, at the same $69.99 price — daring drinkers to taste the difference grain alone makes.

Old Elk didn't pick one bourbon to relaunch under new ownership — it picked three, and put them on shelves side by side at identical age and price. That matters because it's the cleanest, cheapest mash-bill comparison the category has offered in a while, no lottery or allocation required. Today's edition also covers Beyoncé's split from Moët Hennessy, Brown-Forman's rejection of a $15 billion buyout, and what "allocated" really means the next time you're staring at a shelf tag.

THE BIG MOVE
Old Elk Puts Three 10-Year Bourbons on the Shelf at Once — and Turns Grocery Shopping Into a Tasting Lesson
Event Date: 2026-07-29

Old Elk Distillery, under Middle West Spirits' ownership since May 2025, dropped its first major release nationwide on July 29 — and instead of picking one bourbon to lead with, it picked three. A Straight Bourbon, a Wheated Bourbon, and a Straight Wheat Whiskey. Same age: 10 years. Same price: $69.99. Same release day. The only thing that changes is the grain. The Straight Bourbon runs 51% corn, 34% malted barley, and 15% rye at 105 proof. Swap that rye for wheat and you get the Wheated Bourbon — 46% wheat, still 105 proof. Push further to 96% soft red winter wheat and you land on the Straight Wheat Whiskey, at 103 proof. Normally, tasting mash bill differences means cross-shopping different brands at different ages and different prices — too many variables to draw a clean conclusion. Old Elk removed all of that. Same distillery, same decade in the barrel, same shelf tag. It's also the clearest signal yet of what Middle West Spirits plans for the brand it bought over a year ago: a full decade of aged inventory, released all at once instead of trickled out bottle by bottle.

What It Means For Your Shelf — Nothing forces your hand this weekend — but for $210, you can run a controlled bourbon tasting most people spend years assembling piece by piece.
From today's AWIB Opening Pour. This is one of four lead stories in today's AWIB Opening Pour. The other three: Dancing Goat's Stillman's Sonder Honors a Stillman's Family; Beyoncé Buys Back SirDavis From Moët Hennessy; Charity Raffle Winners Announced. Read all four lead stories in The Brief →
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FIRST SIP
Sourced Whiskey and NDPs ("Distilled in Indiana")
Paired with today's: Dancing Goat's Stillman's Sonder — a new label built entirely from MGP barrels distilled between 2010 and 2016

NDP stands for "Non-Distiller Producer" — a brand that doesn't run its own still. Instead, it buys whiskey from a contract distillery, ages or finishes it, bottles it, and puts its own name on the label. The biggest source in America is MGP of Indiana, whose bulk whiskey backs dozens of familiar brands. Sourced whiskey isn't a red flag by itself — MGP makes real, well-regarded juice. The difference is transparency. Dancing Goat's new Stillman's Sonder label is a case study in doing it right: the barrels came from MGP between 2010 and 2016, and instead of hiding that, the brand built its whole story around it — a former MGP stillman's own son and grandson curating the barrels and putting his name on the bottle. That's the opposite of a brand hiding behind heritage marketing while quietly using the same source as fifty competitors. Read the fine print on any back label for "Distilled in [state]." If that state doesn't match where the brand claims to be from, you're holding sourced whiskey — and now you know what questions to ask about it.

The Perfect Pour app — available now. Log Stillman's Sonder in your Logbook next to any other MGP-sourced pour you own, and watch your Pour Print start to show which distillery's fingerprint you actually gravitate toward. Build your Rickhouse →
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TODAY'S ENTRY BOTTLE
Maker's Mark
$29.99 Widely stocked nationwide at grocery and liquor stores, no allocation or limit.
Flavor Profile — Soft, rounded, and easy to drink neat — expect caramel, vanilla, and a gentle wheat-driven sweetness with none of the sharper rye spice found in traditional bourbons.
Production Context — Made from a wheated mash bill — wheat stands in for rye as the secondary grain — and aged in Kentucky rickhouses until the distillery's tasters judge it ready, rather than to a fixed age statement.
Why This Matters — With today's Big Move built entirely around Old Elk's wheated-versus-rye comparison, this is the cheapest, most familiar wheated bourbon to hold up as a baseline before trying Old Elk's version of the same idea.
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THE CHASE
How to read the chase ratings
YESworth chasing
WATCHhold for now
PASSskip this one
Bottle 1 — Under $80
Root Shoot Spirits Colorado Peach Brandy Cask American Single Malt
Window: Available now, Colorado only; online sales to follow
Where: Colorado retailers; Root Shoot Spirits farm store, Loveland, CO
MSRP: $70
Flavor Profile — A peach brandy cask finish layers stone-fruit sweetness over the base malt's grain character, likely reading as a bright, orchard-forward top note
YES
Rationale — A 480-bottle cap on a farm-grown, farm-malted single malt finished in a neighboring distillery's peach brandy casks is genuine regional scarcity, not manufactured hype.
Bottle 2 — $80 to $200
Garrison Brothers Hye Rye Bourbon Whiskey Pre-Sale
Window: July 27 through August 10, 2026 (pre-sale window)
Where: Garrison Brothers Distillery online pre-sale portal, Hye, Texas
MSRP: $99.99, limit 4 bottles per customer
Flavor Profile — A high-rye mash bill (37% organic rye) points toward a spicier, drier profile than the flagship bourbon, layered with Garrison Brothers' Texas-heat caramel extraction
YES
Rationale — This is the distillery's first-ever pre-sale window for a cult release that hasn't seen a run since a 1,000-bottle drop in December 2020 — locking in MSRP now beats whatever this bottle trades for once it ships.
Bottle 3 — $200 and up
No new $200-plus release landed in this window. Sometimes the high end is quiet, and that's fine — we'd rather say so than pad the list with a bottle you saw yesterday.
Today's AWIB Hunt section covers 5 active drops, lotteries, and walk-up windows with full palate direction, rationale, and the Hunt Intelligence Note. See the full Hunt in The Brief →
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THE BAR TALK
Old Elk's Three-Way Release — Does Tasting Three Mash Bills Side by Side Actually Teach You Anything?

Old Elk dropped three bourbons on the same day, at the same age, at the same price — and the bourbon community immediately split. One camp says this is as close to a real, controlled taste test as the shelf ever offers: same distillery, same decade of aging, only the grain changes. The skeptical camp says without a blind format, buyers will just taste whatever the label tells them to, and $210 for three bottles is an expensive way to confirm what you already believed.

First Sip Moment —

The grain recipe — the "mash bill" — is the biggest single factor in how a bourbon tastes, bigger than age or proof. Corn brings sweetness. Rye brings spice and a sharper finish. Wheat softens everything, trading spice for a rounder, gentler profile. Old Elk's trio holds the corn share and the age constant and swaps only the second grain, which is about as clean a version of that lesson as a shelf can offer.

The Math —

The Straight Bourbon runs 51% corn, 34% malted barley, 15% rye at 105 proof. The Wheated Bourbon swaps in 46% wheat at the same 105 proof. The Straight Wheat Whiskey pushes to 96% soft red winter wheat at 103 proof. All three are 10 years old, all $69.99, released nationally July 29, 2026.

What It Means For The Rest Of Us —

The self-fulfilling-expectations critique is fair, but the underlying comparison is real — this is closer to a controlled test than almost anything else on a shelf.

Today's AWIB Bar Talk has 2 more debates with full source citations, fact-checked positions, and editorial assessment. Read the full debates in The Brief →
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SECONDARY SPOTLIGHT
William Larue Weller (2023 Release, BTAC)
Realized Price
$980
Peak Price
$2,200
Floor Erosion
↓ 55.5%
($2,200 − $980) ÷ $2,200 × 100 = 55.5% erosion
What Floor Erosion Means —

Floor erosion is how much a bottle's resale value has dropped from its all-time high. William Larue Weller peaked at $2,200 on the secondary market back in mid-2022; it's now realizing about $980, meaning it's given back more than half its value. That's the sharpest pullback among the wheated BTAC releases, and it reflects a broader correction working through mid-tier allocated bourbon over the past two years rather than anything specific to this one bottle.

The lesson: Even the most hyped allocated bottles aren't immune to a supply-and-demand reset — the steeper a bottle's climb, the harder its fall when inventory catches up.
Today's AWIB Secondary section grades 2 more bottles with realized prices, floor erosion math, lineage notes, and buy/hold/sell calls. Read the full secondary report in The Brief →
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ALSO IN TODAY'S AWIB
Today's Flight: Old Elk Straight Bourbon vs. Old Elk Wheated Bourbon — full comparison and verdict in the AWIB.
Today's AWIB Opening Pour also covers Beyoncé's full, independent buyout of her SirDavis whisky brand from Moët Hennessy — a roughly four-year partnership that helped move 25,000 cases in the U.S. last year alone.
Today's AWIB Rickhouse Report breaks down Brown-Forman's board rejecting Sazerac's renewed $15 billion, $32-per-share offer as "not actionable" — a decision that keeps Jack Daniel's and Woodford Reserve under family control even as the company searches for a new CEO.
Today's Full AWIB Includes (in reading order)
Bar Talk: 3 debates · The Hunt: 5 active drops · Label Room: 5 items · The Secondary: 3 graded bottles
Rickhouse Report: 5 stories · Regional Report: 3 stories
The full AWIB walks today's bourbon world in reader-forward order — the Opening Pour lead stories, the community Bar Talk, the side-by-side Flight comparison, every active Hunt window, the full Label Room pipeline, the Secondary market grading, and the industry-depth Rickhouse, Regional, and Research Notes coverage. Plus full source trail. Read the full Brief →
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The Perfect Pour — available now.
Build your Rickhouse, log every pour in your Logbook, and learn your palate with your Pour Print — the app that turns every pour into your next discovery.
Founder’s rate: lock $99/year for life as a Bourbon Keeper (through July 3, 2027).

Want the full picture? The complete American Whiskey Industry Brief — every section, every source, every story — is published free every morning at chasingtheunicornpodcast.com. Read it at chasingtheunicornpodcast.com/the-brief/.

Read the Full Brief

Chasing a specific bottle? The Bourbon Release Calendar lists every lottery deadline, walk-up window and MSRP we're tracking — updated every morning.

Mentioned in this episode: William Larue Weller, Maker's Mark, Woodford Reserve, Sazerac, Garrison Brothers, BTAC

About John Schuster II

John Schuster II is the host of Chasing the Unicorn Podcast and the editor and publisher of the American Whiskey Industry Brief. A retired U.S. Army Major who spent twenty-six years across the Navy and Army — and an Executive Bourbon Steward — he built a career on systems and on teaching, and now points both at American whiskey. The Cut is his daily take on what moved in bourbon and why it matters, made the way he makes everything: for someone, not everyone. More at momentfirst.com.

About Shauna Hann

Shauna Hann is the editor and a contributor across Chasing the Unicorn Podcast and the American Whiskey Industry Brief, and co-host of Beyond the Cut. A teacher of more than twenty years — including at West Point and across the U.S. Army — she brings historical depth and structural rigor to the work, and a gift for making complex things simple. More of her work is at shaunaonthego.com.