Jan 23 (Reuters) -ICE cotton futures crept lower on Tuesday, slipping from a near three-month high hit in the previous session as a firmer dollar made the natural fibre more expensive for overseas buyers.

* Cotton contracts for March CTc1 fell 0.61 cent, or 0.7%, to 84.22 cents per lb by 10:46 a.m. ET (1546 GMT). Prices hit their highest since late October in the previous session.

* The dollar index .DXY ticked up 0.4%. USD/

* "The U.S. dollar is slightly higher, which is a factor pressuring prices. Another is that the cotton market briefly entered the overbought territory, so we are seeing a correction," said Keith Brown, principal at cotton broker Keith Brown and Co, in Georgia.

* S&P Global sees 2024 U.S. all-cotton plantings at 10.675 million acres, according to a document seen by Reuters.

* "We could see continued strong export sales up till the Lunar New Year... I expect U.S. cotton plantings to be lower this year," Brown added.

* The U.S. Department of Agriculture's (USDA) weekly export sales report on Friday showed exports in the week ended Jan. 11 rose to 257,700 bales, their highest level in the 2023/2024 marketing year. Top cotton consumer China accounted for more than half of the net sales as well as exports. EXP/COT

* Speculators trimmed their net short position in futures of cotton on ICE by 4,905 contracts to 1,612 in the week to Jan. 16, the Commodity Futures Trading Commission (CFTC) said on Friday.

* In the grains market, Chicago soybean and corn futures edged higher but remained near multi-year lows, as the market awaited further indications on South American crops following improved weather. GRA/

Reporting by Ashitha Shivaprasad and Anushree Mukherjee in Bengaluru; Editing by Shweta Agarwal