I eat it. Makes a good oatmeal type substance when mixed with some hot water. I put some raisins and brown sugar on it. It's delicious.
I used to dump it in the yard where I put fallen branches. But I soon discovered that the pile was going to be too large. So now I put it in a galvanized trash can outside and my son transfers it to contractors bags and I take them to the local MUA so they can dump it in the landfill.