May 3, 2001 2:21 AM

Point Given is the morning line favorite to win the Kentucky Derby Saturday at 9-5, released by Churchill Downs Wednesday afternoon.

But Point Given will be running out of the outside post, the 17th post. There are 17 horses in the Derby.

Congaree is second on the odds at 5-1. Millennium Wind and Monarchos both are next at 6-1.

The longest of shots are Jamaican Rum, Artic Boy, Talk Is Money and Fifty Stars, all 50-1.

A P Valentine won the first pick for post position. Its trainer Nick Zito, selected the ninth post.