  We propose a geometric realization of the Feigin-Loktev fusion product of
graded cyclic modules over the current algebra. This allows us to compute it in
several new cases. We also relate the Feigin-Loktev fusion product to the
convolution of perverse coherent sheaves on the affine Grassmannian of the
adjoint group. This relation allows us to establish the existence of exact
triples, corresponding to cluster relations in the Grothendieck ring of
coherent Satake category.
