Spot Market Situation: Over the weekend, national live hog prices rose initially before declining. As farming operations resumed slaughtering, the supply of hogs in the standard weight range became relatively ample. Slaughterhouses turned more cautious in procurement, making it difficult for short-term prices to sustain an upward trend. Prices are expected to continue fluctuating frequently within a certain range.Futures Market Situation: On January 23, the main live hog futures contract LH2603 on the Dalian Commodity Exchange (DCE) opened at Yuan 11,610 /tonne, closed at Yuan 11,565/tonne, up Yuan 30/tonne or 0.26%. The intraday high was Yuan 11,630/ton, and the low was Yuan 11,540/tonne, with a settlement price of Yuan 11,580/tonne. Total trading volume was 42,940 lots, and open interest stood at 131,413 lots. This morning, hog prices remained largely stable, with ongoing short-term supply-demand negotiations. Prices are expected to continue fluctuating within a range, with limi