April 12 (Reuters) -ICE cotton futures were little changed on Wednesday, as a softer dollar and gains in the oil market countered pressure from investors rolling over their positions from the front-month May contract.

* Cotton contracts for May CTK3 rose 0.1 cent, or 0.1%, to 82.85 cents per lb by 12:25 EDT (1625 GMT). It traded between 82.04 and 82.9 cents a lb.

* "We're seeing some rolling action today... seeing some spreads being rolled from May to July," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn Cotton.

* "We've been in this tight range for the last week and half," Nunn said, adding the market is going to be stuck in this pattern until something can catapult it higher or lower.

* Traders now await the U.S. Department of Agriculture's (USDA) weekly export sales report due on Thursday.

* The U.S. dollar .DXY dipped 0.5%, making cotton cheaper for holders of foreign currencies. USD/

* Oil jumped as cooling U.S. inflation data spurred hopes that the Federal Reserve is getting closer to ending its cycle of interest rate hikes. Higher oil prices make polyester, a cotton substitute, more expensive. O/R

* Meanwhile, Chicago soybean futures edged down giving up some of the last session's gains, as a bumper harvest in Brazil and a slide in vegetable oil markets offset support from drought losses to Argentina's crop. GRA/

* Meanwhile, India's cotton exports are expected to slide sharply for 2022-23 and match imports into the top producer for the first time in about two decades, the USDA said on Tuesday in its monthly supply and demand report.

Reporting by Rahul Paswan in Bengaluru; Editing by Shailesh Kuber