In the order given, combine all ingredients in a large bowl; beat until well blended.
Pour into a well-greased 8 in. (20 cm) baking pan.
Bake at 325°F (165°C) for 30 to 40 minutes or until a toothpick inserted comes out clean.
Turn out onto a cooling rack.
Break into large pieces and cool.
To form cereal: break into small bits; place in a food processor and using a steel blade, chop into size pieces you prefer; or grind through a food grinder without the cutting knife, using just the small-hole blade.
Spread pieces out evenly onto 2 cookie sheets.
Toast for 25 to 30 minutes at 300°F (150°C).
Reverse position of pans in the oven and stir cereal every 10 minutes; if you prefer a softer cereal, toast for less time.
Cool before storing.