According to this site, phytic acid is baaaaad:
They tell you that removing phytic acid from wheat can improve your iron absorbtion by 1000%
They say you can reduce the amount of phytic acid by soaking the grains or sprouting them.
Problem is, soaking only marginally reduces the anti-nutrient content:
You’re much better off avoiding grains all together. They aint that good fer ya!
ps. legumes are also full of phytic acid
I wanted to add some very important distinguishing information regarding the bioavailability of phytic acid. The main difference is that phytic acid from fruits and veggies is harmless. From grains and legumes however, is not bioavailable to non-ruminant animals, such as humans. Because of this, it chelates important minerals, making them unabsorbable and causing mineral deficiencies.
Here is a nice chart showing the content in different foods. Note that it does not differentiate between the unabsorbable type in legumes and grans, and the benign type in other foods.