As the current spot prices indicate, the overall trend is still upward, but it may face periodic adjustments in June. The strong performance of the spot market in May was due in part to inventory transfer, ongoing disruptions in supply rhythms from second-time fertilizers entering the market. Considering that there is limited space for month-on-month reduction in the June slaughter plan, the spot market is expected to face adjustments, but the possibility of a deep adjustment is low. In the long run, as the proportion of large-scale factories increases, the current efficiency of pig breeding capacity is nearing completion, and the ratio of pig population to breeding capacity has continued to rise since March and April. After the logic of capacity digestion, the next stage will focus on the gradual recovery of production capacity's potential impact on long-term contracts. (China Securities Co., Ltd. Futures)