Cornflakes are magnetic because they contain a significant amount of iron, a magnetic
material. Standard cornflakes contain around 8 milligrams of iron per 100 grams (so 0.008% of the
weight of a cornflake is iron).
This is enough to cause a floating cornflake to move when it is near a
magnet. By crushing and then soaking the cornflakes we can separate out the iron, which is
insoluble (doesn’t dissolve in water). Holding the magnet near the pulp pulls the small flecks of iron
out of the mixture. Different cereals will have different amounts of iron and so will move around
differently (faster, slower etc).