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Step 1
In a saucepan over medium heat, combine the corn syrup, margarine, cold water, confectioners' sugar and marshmallows. Heat and stir until the mixture comes to a boil. Carefully combine the hot mixture with the popcorn, coating each kernel.
Step 2
Grease hands with vegetable shortening and quickly shape the coated popcorn into balls before it cools. Wrap with cellophane or plastic wrap and store at room temperature.