Grease jelly roll pan lightly with margarine, and set aside.
Lightly grease large bowl with margarine.
Gather candy thermometer, 20 4″ lollypop sticks, and squares of plastic wrap.
Measure cereal into greased bowl. Melt margarine in a 2-3 quart saucepan. Swirl it around to coat bottom and sides. Add honey and molasses. If you oil the measuring cup, it will slide right out. Mix well and bring to a boil.
Simmer over low heat until it registers 290 °F or just below hard crack stage. This should be about 10 minutes. Working quickly, pour hot syrup over cereal and mix thoroughly to combine making sure all cereal is coated evenly. Pour mixture out onto jelly roll pan and allow to cool slightly.
When cool enough to handle and stick together, start making small balls just larger than a golf ball. Press together firmly and insert a lollypop stick. Place on waxed paper until all are completed.
If the mixture doesn’t stick together, wait until it cools a little bit more. If it gets too cold to stick together, the tray can be placed in a 200 °F oven for a minute or two to soften and become workable. Don’t do this more than twice or it will dry out too much. Wrap individual caramel balls in small squares of plastic wrap.