Champion trainer Peter Snowden made a last minute decision to scratch Capitalist from the Group I Manikato Stakes (1200m) at Moonee Valley on Friday night.
Snowden withdrew the colt at 8.54pm after walking the deteriorating track with jockey Kerrin McEvoy before race six – the Mitchelton Wines Handicap.
Consistent rain has fallen at Moonee Valley since Friday afternoon, stopping before race four but the surface was downgraded from a good (3) to a soft (5).
Capitalist is now expected to join top three-year-olds Extreme Choice, Astern, Star Turn and Russian Revolution in Saturday week's Group I Coolmore Stud Stakes.