I've had some tightly wrapped for as much as 2 months and it was still good. It's just marshmallows and confectioners sugar .. not much to spoil in that... pinch off a piece and taste it. If mine is too firm, I'll microwave it for a few seconds at the time to soften.
The old MMF still tasted really good on our cookies, but it was harder to work with than the fresh stuff. It kept getting dry so I had to re-heat it and add more shortening.
One bad thing about fondant on cookies is that you have to have the fondant done before the cookies come out of the oven! You can't bake one day, then frost the cookies the next day.
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