A process for the production of a floating aquatic food pellet is disclosed which avoids the use of extrusion-expansion equipment to provide floatability. Conventional pelleting equipment may be used to produce a pellet from farinaceous-proteinaceous mixtures, which contains sufficient expanded grain particles to provide buoyancy or floatability. A hardenable or vitrifiable matrix containing a liquid carbohydrate material, a water soluble phosphorous source, a colloid material and an alkaline earth oxide is included to prevent compaction of the expanded grain particles during pelleting and provide structural integrity and floatability to permit feeding by an aquatic species.