June 7 (Reuters) -ICE cotton futures slipped on Wednesday as traders held back from making large bets ahead of weekly exports sales data and a key monthly supply and demand report, due later in the week.

* The front-month July cotton contract CTc1 fell 0.23 cent, or 0.3%, to 85.11 cents per lb, by 10:42 a.m. EDT (1442 GMT). It traded between 84.06 cents and 85.5 cents.

* "Cotton prices are just vibrating. It is just waiting for some news. The supply-demand report will be in focus. The expectation is that exports would be up a little bit," Kansas-based commodity analyst Sid Love said.

* Investors will watch out for the U.S. Department of Agriculture's (USDA) weekly export sales report due on Thursday.

* The World Agricultural Supply and Demand Estimates (WASDE) from the USDA is scheduled for release on Friday.

* In the grains market, Chicago wheat futures ticked higher, underpinned by concerns over Black Sea supplies and lower output in Australia, although a lack of demand for U.S. cargoes kept prices below the previous session's near three-week high.

* Limiting losses, the dollar =USD fell 0.1% against its rivals, making cotton less expensive for other currency holders. USD/

* The USDA in a weekly crop progress report on Monday showed that 71% of U.S. cotton was planted compared to 60% a week ago.

* Elsewhere, the Indian government raised the cotton purchase price by nearly 9% to 6,620 rupees per 100 kg, the highest increase in five years.

Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber