NEW YORK ( TheStreet) -- Here are five ETFs to watch this week.

Market Vectors Agribusiness ETF ( MOO)

Food prices have surged in recent months, returning to record breaking levels last seen in 2008. This rally has helped power agriculture-related equities such as those underlying MOO to strong gains.

Last week, industry leaders Mosaic ( MOS) and Monsanto ( MON) reported optimistic earnings, sending the fund higher towards levels last seen prior to the economic meltdown.

Improving economic conditions in the developed world and rampant economic growth across emerging economies look likely to prolong this current food rally. MOO is a fund to keep on the radar.

iShares Dow Jones U.S. Aerospace & Defense Index Fund ( ITA)

Late last week, Defense Secretary Robert Gates announced a plan to squeeze spending by $78 billion over the next five years. The reductions could send investors holding ITA down a rocky road in the coming weeks as the markets learn more about the plan and digest its effects.

According to the Financial Times, plans aimed at paring back the Pentagon's spending habits would results in projects involving companies including General Dynamics ( GD), Raytheon ( RTN) and Lockheed Martin ( LMT) getting the ax. All three of these companies can be found among ITA's top 10 holdings and represent over 17% of the fund's total index.

iShares MSCI Belgium Investable Market Index Fund ( EWK)

It's a new year but many of the same economic issues that threatened the strength of global recovery in 2010 continue to persist. Regarding the European debt crisis, many analysts and market commentators have had their eyes locked on the issues playing out in Spain, Greece and other components of the "PIIGS" acronym. However, outside of these nations, other EU members such as Belgium facing daunting headwinds.

Belgium has remained locked in an election stalemate which has persisted for over 200 days as the two feuding halves of the country fail to reach a political compromise. This turmoil comes at a difficult time. According to Bloomberg, Belgium currently boasts the third highest debt burden in the EU.

Until there are signs that these issues are being resolved, EWK is a fund investors will want to steer clear of.

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