To add a bit to the other answer, we now a few additional details, thanks to some late c.1968 texts published in The Nature of Middle-earth. Note that these were composed some 10-15 years after "Of Lembas" in HoMe#12, and that Tolkien had apparently now decided that it was Oromë, not Yavanna, who taught this skill to the elves.
First of all we learn that specific variety of magic corn that Lembas are made from is called "Western Corn".
This “Western Corn”, it is said, slowly diminished in virtue on the Great Journey, owing to the dim sunlight, and there was no more Western Corn seed left when they arrived in Beleriand. But when the Noldor came back they brought with them new corn – and [it] by a special grace of pity by Manwë and Varda did not fail and was still in vigour till the end of the First Age. ... But at the time of L.R. only in Lórien did the Western Corn survive, ... With Galadriel’s departure and the death of Arwen, the Western Corn and Waybread were lost forever in Middle-earth.
The Nature of Middle-earth - "The Making of Lembas"
We also have a very rough description of the steps involved in the making of the lembas.
[Oromë] brought as a gift from Manwë and Varda the seed of wheat, and instructed the Quendi in the manner of growing, harvesting, and storing it; but the grinding of flour, its kneading, and baking into (unleavened) “bread” was committed to the “bread-women”.*
The Nature of Middle-earth - "The Making of Lembas"
It was made from meal [?ground] wheat-corn (specially brought to them by Oromë).
The Nature of Middle-earth - "The Making of Lembas"
So it would seem the steps to get from Western Corn to Lemba involve "grinding", "kneading", and then "baking". Not a lot of detail, but this is all we're likely to get.