Global cotton output in 2018-19 (Aug-Jul) to fall marginally to 26.13 mln tn from 26.18 mln tn produced a year ago. While the acreage under cotton is expected to rise next year, output may fall on the back of lower yields. The global consumption in 2018-19, however, is expected to increase by around 2.6% on year to 26.71 mln tn, led by major-consuming countries including India, China, Bangladesh and Vietnam. The world stock levels of cotton, as a result, are seen contracting for a fourth consecutive season. Global stock levels are likely to fall by 583,000 tn in 2018-19. The overall fall is once again attributable to China, where a decline of 1.84 mln tn appears in prospect, adding that stocks outside China are seen rising by 1.26 mln tn.