Michael Green wrote:

MTXrun | current version: 2009.10.16 16:13

I get the gray dummy box.

\starttext

\externalfigure[cow.pdf]

\stoptext

actually there has been a fix

by default graphics are *not* looked up in the tex tree unless you 

specify the 'default' location:

\setupexternalfigures[location={local,global,default}]

\starttext

\externalfigure[cow.pdf]

\stoptext

works ok