Nov. 3 (Bloomberg) -- Coffee fell on speculation that yesterday’s 5.1 percent jump in prices was exaggerated. Cocoa futures climbed for the first time in three sessions.

Yesterday, coffee climbed the most in seven weeks as the dollar’s slump against major currencies enhanced the appeal of commodities. The greenback rose as much as 1 percent today against the euro.

“The surge yesterday was a little overdone,” said Hector Galvan, a senior trading consultant at RJO Futures in Chicago.

Arabica-coffee futures for December delivery dropped 1.25 cents, or 0.9 percent, to $1.411 a pound on ICE Futures U.S. in New York.

Earlier, the price fell as much as 2.4 percent in “mostly profit-taking,” Galvan said.

Coffee has gained 26 percent this year as supplies from Central America and Colombia declined.

Cocoa futures for December delivery rose $24, or 0.7 percent, to $3,274 a metric ton in New York. The most-active contract dropped 3.1 percent in the previous two sessions.

The price has gained 23 percent in 2009 on forecasts that production will trail demand for a fourth year.

To contact the reporter on this story: Elizabeth Campbell in New York at ecampbell14@bloomberg.net

Last Updated: November 3, 2009 14:33 EST