Aug 29 (Reuters) -ICE cotton futures rose on Thursday, after hitting their lowest level in more than a week in the previous session, supported by concerns about heavy rainfall in key growing regions leading to crop losses.

* Cotton contracts for December CTZ4 rose 1.48 cent, or 2.16%, to 70.03 cents per lb at 11:38 a.m. EDT (1538 GMT). The prices dropped to their lowest since Aug. 19 on Wednesday.

* The weather is shifting with expected heavy rainfall from Texas to Georgia and the harvest in South Texas could be delayed, potentially resulting in some cotton loss, said Rogers Varner, president of Varner Brokerage in Cleveland.

* Accuweather forecast possibility of flooding in some areas of South Houston, Texas, due to heavy rains, while thunderstorms are also expected towards the end of the week.

* The U.S. Department of Agriculture's weekly report showed exports of cotton running bales fell 14% to 144,200 from a week ago, while net sales of upland cotton for 2024/2025 rose 45% to 135,200.

* "The sales and shipments weren't great, but they weren't bad either plus there's more confirmation that Pakistan's crop has deteriorated... they will probably be back in to our market for more purchases," Varner said.

* Oil prices edged higher after two losing sessions, further supporting the natural fiber, as concerns over Libyan supplies helped counter a smaller-than-expected draw in U.S. crude inventories. O/R

* Higher crude prices make polyester, an alternative to cotton, more expensive.

* Chicago soybeans and corn futures rose after beneficial rains and milder weather in the U.S. Midwest pressured both markets in the previous session. GRA/

* Meanwhile, Wall Street's main indexes rose as investors celebrated Thursday's data that showed U.S. gross domestic product for the second quarter grew at a 3% annualized rate on higher consumer spending. .N

Reporting by Anmol Choubey in Bengaluru; Editing by Shreya Biswas