Vi e w p o i n t | CITI'S TAKE The USDA released cold storage data for June (USDA data is on a ~3-4- week lag) on 7/24. On a trailing 3-month basis, total warehouse stocks were +1% y/y (vs. +0.5% y/y in May). Note that inventory levels usually peak in November and trough in May. USDA total warehouse stocks have now increased y/y for the past three months reversing a ~3 year negative trend. Despite the marginal uptick in inventories, tenants remain under pressure due to the struggling low-end consumer, and g ...