Are commodity prices recovering?

I just finished uploading January 2009 data to the historical commodity prices section. I noticed right away that the sharp fall of all commodity price indices that started in July 2008 seems to have stopped sometime between December of last year and January of this year. Take a look at the overall Commodity Price Index for example.

Commodity Price Index - Monthly Price - Commodity Prices

One data point does not a trend make, but January 2009 looks a lot better to commodity producers than December 2008.

One final note: February 2009 data will be available in approximately 30 days. I follow the IMF release schedule, which is not fixed.