NEW DELHI (Reuters) - India will not raise the price it pays local farmers for wheat in 2013, a government source said on Thursday, as the world's biggest producer after China tries to curb bulging stocks and its high food subsidy bill.
India, whose population of 1.2 billion also makes it one of the biggest consumers of wheat, has been exporting stocks from government warehouses, which are overflowing after bumper harvests that were partly encouraged by generous support prices.
"Keeping in mind successive record production in the past few years, huge stocks with the government and a large subsidy burden, we decided to continue with last year's price," the source told reporters.
The Commission for Agriculture Costs and Prices (CACP), which makes price recommendations to the government, had estimated production costs at 1,600 rupees per 100 kg, the source added.
The government has already raised support prices, set as a floor guaranteed to farmers for crops, for a range of crops, including increases of about 16 percent for common rice and a hike of 33 percent for soybean.
New Delhi is trying to encourage farmers to produce more crops such as soybean, which can help cut its need for expensive imports of edible oils, and pulses.
The government bought a record 38 million tonnes of wheat in 2012 and has since been exporting through tenders by state-run trading companies to cut stocks, which were four times target at 43.15 million tonnes on October 1.
Maintaining the wheat support price at 1,285 rupees per 100 kg, or about $239 per tonne, should still keep exports attractive even with inflation at just under 8 percent and costs of inputs such as fertiliser and diesel rising.
Export prices are currently around $310 per tonne on a free on board (FOB) basis. (Reporting by Mayank Bhardwaj; Additional reporting by Deepak Sharma; Editing by Clarence Fernandez)
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