BANGKOK- The price of Thai 100 percent B grade white rice fell 2.7 percent for the second consecutive week on Wednesday, and was likely to drop further next week due to sluggish demand, exporters said.

Thailand, the world’s biggest rice exporter, has shipped 6.7 million tons so far this year, up 45 percent from 4.6 million tons in the same period of last year, Commerce Ministry data show.

The median price quoted by Bangkok exporters was $710 per ton, down from last week’s $730 per ton and well below a record high of $1,080 per ton marked in April.

"There is no key buyer in the market and it’s a very quiet week," one exporter said.

The price was expected to fall further next week, as there was no positive news to boost the market while more supply was likely to come onto the market, traders said.

Thailand expects a harvest of 7.6 million tons of paddy rice, up from only 4 million tons last year.

However, traders and exporters said they expected more than 7.6 million tons of paddy to be harvested in August-September as farmers rushed to grow more rice to take profit after they saw rice prices peak in April.