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BRING broccoli and broth to boil in medium saucepan. Stir in rice; cover. Remove from heat. Let stand 5 min. Stir in VELVEETA. Let stand, covered, 5 min. Stir until VELVEETA is completely melted. Spoon into microwaveable bowl. Refrigerate up to 24 hours.
MEANWHILE, melt butter in small skillet on medium heat. Add cracker crumbs; cook 2 to 3 min. or until golden brown, stirring frequently. Cool completely. Stir in Parmesan. Spoon into airtight container. Store at room temperature up to 24 hours.
COVER broccoli mixture with waxed paper just before serving. Microwave on HIGH 5 to 6 min. or until heated through; stir. Sprinkle with crumb mixture. Microwave, uncovered, 2 to 3 min. or until heated through.