Spot Market Situation: Yesterday, the national live hog prices continued to decline. Pig production on the farming side has resumed, leading to relatively ample supply of standard-weight hogs. With schools gradually closing for holidays, slaughter volumes at processing enterprises have decreased, particularly in southern regions. Demand remains a negative factor, and prices continue to fluctuate frequently within a range.Futures Market Situation:On January 28th, the main live hog futures contract LH2603 on the Dalian Commodity Exchange (DCE) opened at Yuan 11,300 /tonne and closed at Yuan 11,270/tonne, down Yuan 100/tonne, a decrease of -0.88%. The highest price was Yuan 11,340/tonne, while the lowest was Yuan 11,230/tonne, with a settlement price of Yuan 11,275/tonne. Total trading volume was 51,067 contracts, and open interest stood at 121,223 contracts.