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Shares of B&G Foods (BGS) - Get B&G Foods, Inc. Report  have surged 29% so far in 2016, but the stock -- and others in the food group -- will have a long shelf life for investors, said Dan Shaffer, CEO of Shaffer Asset Management at Covestor.

"They are really undervalued even though it is near its 52-week high," said Shaffer. "We are looking at 1.4 times trailing fourth-quarter earnings, but there is such potential because people still need to eat. And as global economies start to turn down people want to get more quality and variety in their foods, and this company has tremendous variety of product."

Shaffer is also bullish on the iPath Bloomberg Coffee Subindex Total Return ETN (JO) - Get iPath Series B Bloomberg Coffee Subindex Total Return ETN Report , which is up 7% thus far in 2016. Coffee prices have come down in the past 12 months, but started ticking up last week due to supply worries over crop damage in Brazil.

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"Coffee has been dormant for years, and if you look at its historical cycle, it sits dormant and then it has major spikes," said Shaffer. "We're looking for coffee to double from here."

Staying with agricultural commodities, Shaffer is positive on the iPath Bloomberg Cocoa Subindex Total Return ETN (NIB) - Get iPath Bloomberg Cocoa Subindex Total Return ETN Report , which is down 4% year to date, saying he sees supply worries pushing up the price and increased demand worldwide for chocolate products.

"As global economies contract, people will look for foods that make them feel good -- and chocolate is a major staple of feeling good," said Shaffer.

Finally, Shaffer is a fan of the Proshares Ultra Short Euro ETF (EUO) - Get ProShares UltraShort Euro Report , which is down 7% year to date. He said the "euro will collapse" as more countries consider leaving the European Union.

"Their economy is also going to falter because of what is going on with migration in Europe," said Shaffer. "It's just a bad play. Technically speaking as well."