As food prices surge investors should look to the Commonwealth of Independent States for opportunities, says strategist Kingsmill Bond.

"The CIS has a huge amount of arable land … and an awful lot of that land is underutilized," Bond, chief strategist at Troika Dialog, told "Squawk Box Europe."

The easiest way for investors to play this opportunity is to invest in food processing and logistics companies that are buying up land in the area, he said.

"The glory of buying processing companies and logistical companies is that you don't need to take the capital risk, but you have the benefit of new capital coming in to work the land," Bond added.

Bond recommends Astarta, a sugar company listed on the Warsaw Stock Exchange as AST, diversified food processor Razgulai, listed on the Russian Stock Exchange as GRAZ and Kernel, which makes sunflower oil and is listed on the Warsaw Exchange as KER.

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