I don't want you to worry so let me give you some information on the bleeding. Bleeding from the penis could indicate an injury to the penis, a prostrate problem, blood in the urine or be a sign that there is a female in heat around.
Blood in the urine can signal a few different things such as a Urinary tract infection, kidney problem or an injury. However, it is not unusual for an intact male dog to shed a few drops of blood from his penis when he is aware of females in heat. So if the bleeding is just a few drops, then you do not need to worry about it. If it is a larger amount or your dog is neutered, you will want to have your dog examined by your vet.
As I mentioned, if he is neutered, then he may have a uti. Common symptoms of a urinary tract infection are frequent urination, dribbling urine, blood in the urine, squatting frequently to urinate, strong odor to the urine, inappropriate urination and straining to urinate as well as an increase in fluid intake. A dog with a UTI does not always show all the symptoms and typically displays 2 or 3. I .
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Since there have been recalls on certain foods, please check the following site to be sure the food your animals eat is not affected. If it is affected, contact your vet as soon as possible. Have your dog seen if they have any symptoms.