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The New York Futures Exchange plans to begin trading futures on a Commodity Research Bureau price index June 12, following approval of the contract by the Commodity Futures Trading Commission. The well-known CRB index covers 27 nonfinancial futures contracts. The CFTC approved the contract by a vote of 4 to 1, despite a recommendation by the agency`s economic analysis division to reject it on the ground that it wouldn`t be used for hedging. Hedging involves trading to offset risks involved in dealing in the underlying commodities.
