Shares of B&G Foods (BGS) have surged 29 percent 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) , which is up seven percent so 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. '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) , down four percent year-to-date, saying he sees supply worries pushing up the price and increased demand worldwide for chocolate products.

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