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GREASE 9-inch square baking pan; sprinkle with 1 Tbsp. of the cereal. Set aside.
MIX remaining cereal, flour, baking powder and chili powder. Mix egg product, milk, honey and margarine in medium bowl until well blended. Add flour mixture; stir just until moistened. Gently stir in corn and cheese. Spread into prepared pan.
BAKE at 350°F for 30 to 35 minutes or until lightly browned. Cool slightly. Cut into squares to serve.