Preheat oven to 200 degrees F.
Over medium heat, combine first 4 ingredients and boil for 5 minutes. Remove from heat; stir in baking soda. Stir well. Pour over 8 quarts popped corn. Stir to coat well. Bake in large roaster or pan for 1 hour, stirring every 15 minutes. Spread on waxed paper to dry.