In the present day, a woman strolling by the riverside with her dog stumbles upon a haunting discovery: two skeletons lying intertwined in a shallow grave.
Flashback to 1820, where we meet Otis "Cookie" Figowitz, a reserved chef navigating the rugged Oregon Country alongside a boisterous group of fur trappers who incessantly taunt him for not providing enough sustenance. One fateful night, he encounters King-Lu, a Chinese immigrant fleeing after taking the life of a Russian man. After allowing Lu to seek shelter in his tent, Cookie witnesses him make a daring escape across the river the following day.
Eventually, Cookie’s band reaches a fort, where Lu finds him once again—this time babysitting an infant amidst a chaotic bar brawl. Seeing potential in their partnership, Lu invites Cookie to stay at his home, where they share dreams of entrepreneurship: Lu envisions starting a farm, while Cookie dreams of a bakery or a hotel in San Francisco.
As the story unfolds, the outpost celebrates the arrival of its first milk cow, although her mate and calf tragically did not survive the arduous journey. Unattended at nighttime just outside the home of the wealthiest trader, known as the Chief Factor, the cow presents an opportunity. Lu laments the struggles of the impoverished, suggesting that without some luck or wrongdoing, advancement is nearly impossible. Cookie reminisces about his past as a baker’s assistant in Boston and seizes the chance to procure milk from the Chief Factor’s cow for his baked goods. Under the cover of darkness, they embark on a secret mission, with Cookie milking the cow while Lu keeps a lookout from a tree. Their efforts yield enough milk to create a batch of buttermilk biscuits. Although Cookie is dissatisfied with their sweetness, Lu reminds him that they are superior to anything available at the outpost and proposes the idea that they could strike it rich with this endeavor. Inspired, Cookie tweaks his recipe, adding honey for a touch of sweetness.
Their first batch of delectable sweet oily cakes makes its way to market, where when asked about their secret, Lu playfully states it’s a "Chinese secret." As word spreads, customers line up, quickly leading to a lively bidding war for the last cake. However, trouble brews when a large man pushes a smaller man aside for the final treat, and Lu remains passive, driven by the pursuit of profit. As their wealth accumulates, they decide to hide their earnings in a tree rather than risking it in a bank.
The Chief Factor, intrigued by their cakes, requests Cookie to prepare a clafoutis for an important meeting with a captain he wishes to impress. With pride, Lu and Cookie deliver the clafoutis, witnessing the Chief Factor provide tea with cream to his esteemed guest. However, the tension escalates when the Chief Factor reveals to the captain that despite his cow’s esteemed breeding, it produces remarkably little milk. A moment of recognition occurs as the cow nudges Cookie, prompting him to warn Lu of impending danger. Yet, Lu argues that they lack the funds to escape to San Francisco and urges Cookie to stay for one more night to milk the cow.
Their clandestine operation is soon compromised when a man emerges from the estate, causing the branch they are hiding in to snap just before Cookie hears Lu’s warning. They dash for safety, but the captain alerts the Chief Factor to their theft. Now hunting them down, the trappers are dispatched to end their lives. As they reach a river, Lu makes the jump while Cookie, unaware of the impending danger, hides and then tumbles down a hill.
Awakening in a shack, Cookie receives assistance from an elderly Native Hawaiian couple, expressing his urgency to find his friend before setting off again. Meanwhile, Lu trades buttons to hire a canoe, desperate to locate Cookie. He returns to the now-destroyed shack to retrieve their hidden money from the tree. Eventually, Cookie makes his way back, spotting the cow on the Chief Factor’s property, now secured by a fence. Unbeknownst to him, he is being watched by the slight man he had ignored earlier in the market, who is armed with a rifle.
Reuniting at the shack, Lu suggests they board the next boat south. Exhausted, Cookie struggles to keep pace through the forest, ultimately succumbing to fatigue. Lu reassures him of their safety and pledges to stand guard, lying down next to him and closing his eyes, together facing the uncertainties that lie ahead.
