Punters are walking through rain and wind today but the weather bureau predicts the showers should stop in the afternoon for the 149th running of the Melbourne Cup.

The cool weather is a relief for Melbourne after several days of heat but may not be welcomed by ladies hoping to enjoy some sunshine while wearing fancy frocks at the Flemington racecourse.

A cool afternoon with a top temperature of 20 degrees is forecast.

The Victorian Racing Club is expecting a crowd of more than 100,000.

The eldest granddaughter of Queen Elizabeth II, 28 year old Zara Phillips, will attend the event and present the winning jockey with the trophy.

Bart Cummings, with his horses being sentimental favorites, is seeking his 13th Melbourne Cup win, with last year's winner and favorite, Viewed.

The South Australian gelding Alcopop is another favorite.

The Melbourne Cup will start at 4pm.