Commodity momentum: no change before Jackson Hole speech

Commodity momentum across the 14 commodities covered in this update has seen no change over the last 24 hours. A wait-and-see approach ahead of Fed Chairman Bernanke's speech tomorrow at Jackson Hole has also spread to commodities with relatively small movements occuring.

Slowing upside momentum in both crude oils has not yet transformed into a change in direction. The same goes for corn, which has now maintained its positive momentum for 52 days.

The rollercoaster storry in wheat continues, following a sharp move higher yesterday on renewed fears about the availability of Russian wheat for export.