"It is a complex process because we have to engage with all residents on the road; plus blocking off the road is a complex process, so it will take several weeks to regroup, but we will meet on Monday and hope to have more information then."
Mondelez New Zealand country head James Kane said safety was paramount, particularly given the race was in the world's steepest street.
"Extreme weather poses a potential risk to spectators, the Cadbury team and our event volunteers.
"We will aim to run the jaffa race later in the year, and no matter what happens, we will ensure Parents Centre, Surf Life Saving and Make-a-Wish receive the important funds raised as part of the event.
"It's a shame that such a successful Cadbury Dunedin Chocolate Carnival will finish without the iconic race this year, but we know this is the right decision given the unique weather and safety risks that come along with it.
"We will keep the community updated on our plans to reschedule for later in the year."