Does anyone know how to make dry fondant from scratch, or what ingredients are in it?

I consistently buy the dry fondant from the store to make chocolate covered cherries, but pay outrageously for it because it is only carried by one store in my area. For this reason, I've researched how to make it from scratch, as it has a consistency very similar to confectioners (powdered) sugar. The only info I could find was from some science guru who was combining a bunch of chemicals (glycerin, glucose, pectin) with powdered sugar. In addition, my cookbooks only list recipes for the wet fondant, used in icing cakes and making creme centers.