5 cups Cheerios-type cereal
5 cup Corn Chex cereal
2 cups roasted peanuts
2 (12-oz each) pkgs plain M&M's
2 (12-oz each) pkgs white chocolate chips
3 tbsp canola oil
Combine the first five ingredients in a very large or two medium heat-proof mixing bowls; set aside.
Heat the white chocolate chips and the oil in a microwave-proof bowl for 1 minute at high power. Stir; continue to heat and stir in 30-second intervals until chocolate is smooth and melted. Pour the melted chocolate over the cereal mixture and stir until all the cereal is evenly coated with the chocolate.
Spread the mixture on 2 large baking sheets lined with waxed paper. Allow to cool then break apart into chunks.
Store in an airtight container or containers.