Kvasir = the wisest of gods. He feasted with two dwarves, Fjalar and Galar, who killed him. They mixed his blood with honey and it became the mead which gives the gifts of knowledge and poetry to anyone who drinks it. Thus, poetry is sometimes called Kvasir’s blood.
"Suttung's mead" = Another kenning for poetry. This is because a giant named Suttung demanded Fjalar and Galar's mead from them. Later, Odin stole some of the mead from Suttung and brought it back to Asgard.