Feb 12 (Reuters) -ICE cotton futures drifted lower on Monday, as traders booked profits after prices climbed to a more than one-year high in the previous session.

* Cotton contracts for May CTc2 fell 1.16 cent to 91.06 cents per lb by 10:23 a.m. ET (1523 GMT). It traded in a range of 90.87-92.18 cents a lb.

* Prices hit their highest since September 2022 in the previous session, helped by technical buying, higher oil prices and the equity market.

* "We are seeing some corrective pricing action after the big rally in the last session... The market has been strengthening up and demand has been hanging up pretty well," said Jack Scoville, vice president at Chicago-based Price Futures Group.

* "In the near term, prices could hold at 88 cents on the downside and could rise as much as 93 cents," Scoville added.

* In the week to Feb. 6, speculators raised net long position by 14,256 contracts to 38,691 contracts, data from the Commodity Futures Trading Commission showed on Friday.

* The dollar index ticked up 0.1%, making the natural fibre more expensive for buyers holding other currencies. USD/

* Last week, the World Agricultural Supply and Demand Estimates (WASDE) report said 2023/24 U.S. cotton balance sheet has lower ending stocks relative to last month, with higher exports and lower mill use, while production is unchanged.

* "The export forecast is raised 200,000 bales to 12.3 million based on a strong pace of shipments and sales to date," the report added. EXP/COT

* In the grains market, Chicago soybeans and corn rose on bargain buying after last week's falls to three-year lows. GRA/

Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Krishna Chandra Eluri