I happened to be researching the same thing and what I found is that no it is not safe.
Here is why, milo like many seeds have a coating with cyanide which is harmless as a seed and if you grow it.
However soaking it increases the level of cyanide which could be potentially lethal to your animals.
Here is the link where I found the information http://familycow.proboards.com/thread/57103
It explains it in great detail more then what I understand aside from no it's not safe.