MELT butter in large saucepan on low heat. Add marshmallows; cook and stir 3 to 4 min. or until melted. Stir in food coloring.
ADD cereal; stir to evenly coat. Drop by tablespoonfuls into mounds on waxed paper-covered baking sheets sprayed with cooking spray. Press candies into cereal mixture, flattening each mound slightly.
LET stand 30 min. or until firm.
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