The most common and most likely answer to this crossword clue is the 5 letter word FRIES
I've seen this crossword clue in Financial Times
F
R
I
E
S
More clues leading to the result FRIES
Buddy explains!

The straight part
We know that "food for grazing" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case food for grazing = fries.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does FRIES mean?
FRIES noun- (usually in the plural, fries) A fried strip of potato.
- A meal of fried sausages, bacon, eggs, etc.
- A state of excitement.
- A method of cooking food.
- To be affected by extreme heat or current.
- A kind of sieve.
- A drain.