Panel 1: We begin a typical mid-winter morning at the breakfast table watching John stare daggers at Michael because someone is making noise when he eats. This is stupid because John makes worse noises than this all the time.
Panel 2: Since it's not him this time, Mike wonders why John is looking at him like that....as do i because when John eats, Klingons are disgusted by how slobby he is.
Panel 3: The strip proper begins with Mike telling Farley to get out from under the table.
Panel 4: Elly kick-starts the plot (such as it is) in motion by saying that he's fine where he is.
Panel 5: Mike reminds her that normally, she does not like him to be under the table when they eat.
Panel 6: She insists that it's okay because it's just breakfast.
Panel 7: Since that isn't enough of an answer, he asks what makes breakfast so different that he can stay there when he isn't allowed to normally.
It should be noted at this point that Mike should, as howtheduck said, have learned that his parents' rules are arbitrary and self-serving. Since he's dim and we have a punchline to get to, not so much with that.
Panel 8: She says it's because they're relaxed at breakfast and that formality and etiquette are not so very important at this time of day.
Panel 9: As Mike leaves, he doesn't know that she's thought-bubbling the real reason: he keeps her feet warm.
Summary: This, I should think, is yet another overly-long weekly strip that could have been told a lot quicker. We usually get one of these a month. Also, the theme is that the only real consistency in whatever passes for rules in that house is that said rules are created at random to make it easy for parents to be angry with children.