Those Cheerios commercials must be working. General Mills (NYSE: GIS) reported on Wednesday that its profit for the first quarter of its fiscal year spiked 51%, thanks to a hefty dose of product demand and lower costs for ingredients. Of course, this beat the hell out of analyst expectations. And, it caused General Mills to boost its outlook for the year.

For the quarter, General Mills posted $420.6 million in earnings ($1.25 per share). For the same quarter a year ago, earnings reached only $278.5 million ($0.79 a share). The company's profit was a tad higher when an expense related to commodity positions is excluded, pushing earnings per share up to $1.28. Analysts had expected earnings of $1.03 a share.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Adobe Systems Inc. (NASDAQ: ADBE) first-quarter profit soared and it offered an encouraging outlook.
• AgFeed Industries Inc. (NASDAQ: FEED) full-year results were in line with expectations.
• Credit Suisse Group (NYSE: CS) warned that it expects a first-quarter loss due to write-downs.
• Discover Financial Services (NYSE: DFS) first-quarter profit plunged on the unloading of Goldfish
• FedEx Corp. (NYSE: FDX) posted lower-that-expected third-quarter earnings on rising fuel prices.
• 4Kids Entertainment Inc. (NYSE: KDE) posted dismal fourth-quarter and full-year results.
• GameStop Corp. (NYSE: GME) posted strong fourth-quarter earnings on Guitar Hero and other games.
• General Mills Inc. (NYSE: GIS) third-quarter profit surged on increased demand for Cheerios, yogurt, etc.
• Goldman Sachs Group Inc. (NYSE: GS) posted better-than-expected first-quarter earnings.
• Lehman Brothers Holdings Inc. (NYSE: LEH) posted better-than-expected first-quarter earnings.
• Lumber Liquidators Inc. (NYSE: LL) beat estimates on infrastructure investments and merchandise variety.
• Morgan Stanley (NYSE: MS) posted better-than-expected first-quarter earnings.
• Nike Inc. (NYSE: NKE) third-quarter profits soared on strong international demand.
• Shuffle Master Inc. (NASDAQ: SHFL) missed expectations for the first quarter.
• Siemens AG (NYSE: SI) lowered its earnings outlook on delays and order cancellations.

Also, Google Inc. (NASDAQ: GOOG) is recession proof? Ted Allrich wonders if there are any safe stocks. Jim Cramer doesn't expect much from tech stocks. And Aaron Katzman looks at the effect of rising grain prices.

Upcoming results to watch for include Walgreen Co. (NYSE: WAG), Tiffany & Co. (NYSE: TIF), Oracle Corp. (NASDAQ: ORCL), ConAgra (NYSE: CAG), and KB Home (NYSE: KBH).

Visit AOL Money & Finance for more earnings coverage.

As grain prices continue to rise, fueled in part by increasing demand worldwide, as well as farmers turning over their fields to grow corn for ethanol, earnings out from General Mills, Inc. (NYSE: GIS), while good, were weighed down by those soaring grain prices.

According to an AP report: "The cost of grain has affected a number of companies, especially those that make cereals. Grain prices have skyrocketed largely due to demand for corn used to make the alternative fuel ethanol."

So now my Cheerios and Wheaties cost substantially more, partly in order to produce ethanol, which is a suspect alternative fuel that's being used to fight a suspect phenomenon, global warming. Legislators, together with environmentalists, have created global inflation, to fight a problem that some scientists don't think exists. Does that make sense?

Grain costs not withstanding, General Mills had a very strong quarter. Sales were up across the board and international sales grew by more than 20%. Could it be that the weak dollar, is starting to help the bottom line of U.S. multinationals?

Look for other consumer staples companies to potentially post strong earnings in upcoming quarters as they profit from the sagging greenback.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. DISCLOSURE: Writer's fund has no position in any stock mentioned, as of 3/19/08.

First oil. Then copper, then lumber, and coal. And now grain.

The solid economic growth in the world's emerging markets that's caused oil / coal and commodities prices to surge is now fully hitting the grain market.

So much so, that some food producers are calling on the U.S. government to restrict exports due to soaring prices for grains they use to make cereal and other foods. Meanwhile, some farmers are asking the U.S. Government to ease restrictions to enable farmers to plant more acres, The Wall Street Journal reported Thursday [Subscription required].

For food producers, the issue involves limiting a major operating cost. During the past year, spring wheat has risen to an astounding $17.63 per bushel, up from about $4.90 a year ago. Flour, which used to cost about $15 per 100 pounds, now sells for about $45-48 per 100 pounds. Food producers say prices are increasing so fast, they can't pass along price increases quick enough to keep up.

Do you remember when Cheerios was one of the only packaged foods displaying FDA-confirmed nutritional information? It had a good reason to toot its own horn since its product is nutritious. Then, the FDA decided to require all companies to disclose nutritional information in the same was as Cherrios. This led to disclosures like this one from the new Hungry-Man breakfast:

:

Of course, companies making products like Hungry Man would never have disclosed their nutritional information before it was required. Unless it's a selling point, companies don't voluntarily disclose information. This is how I feel about the recent trend of companies voluntarily disclosing extra details about executive compensation.

According to The Wall Street Journal:

Many U.S. corporate directors are grumbling about complex new federal rules requiring more disclosure of executive pay, perquisites and retirement benefits. Yet a surprising number of major corporations are going beyond the requirements, offering investors additional details about compensation, in the name of improved transparency. Nearly 30% of proxy statements filed so far this year contain supplemental pay information, estimates Mark Borges, a principal at Mercer Human Resource Consulting.

Now, this raises an interesting question. Why would a board/management team that is looting its company and, to use the words of Daniel Loeb, using its shareholder's resources as a "honeypot" for extracting outrageous compensation disclose more than they have to in SEC filings? Answer: They wouldn't and they aren't.

If real changes are going to come in the areas of corporate governance and executive overcompensation, it will happen because American shareholders and mutual funds step up to the plate, and put pressure on companies and the SEC to come forward with more information. But voluntary extra disclosure is going to come from the companies that aren't the problem.

In preparation for its annual shareholders meeting on Monday, 25 September, General Mills, Inc. (NYSE: GIS) released Q1 2007 earnings on Thursday 21 September. Overall results were good. Cereal sales for the quarter were higher helping to push net income up 6% to $267 million, equivalent to 74 cents per share. Q1 2006 figures were $252 million in net income, or 64 cents per share. Net sales for the quarter were also up almost 7% to $2.86 billion. Despite a 9% increase in operating profit for the US, General Mills experienced a 5% decline in its international markets due in large measure to additional marketing expenses to introduce and support new products.

Despite higher raw materials costs, the cereals, bakeries and food service divisions all posted increases in operating profit margins. Higher raw materials costs have also hit General Mills' closest competitors, Kellogg and Kraft Foods. General Mills spent $58 million in acquisitions this quarter. It also introduced a new product, Fruity Cheerios, to compete against Kellogg's Fruit Loops. General Mills also own Progresso soup, a direct competitor of Campbell's Soup, and Yoplait yogurt. The current dividend yield on General Mills stock is 2.6%.