Preheat oven to 425°F. Mix raisins and water in small bowl; set aside. Mix flour, sugar, baking powder and baking soda in large bowl. Cut in butter with pastry blender or 2 knives until mixture resembles coarse crumbs. Stir in cereal. Beat egg in small bowl; stir in yogurt and raisins and their liquid. Add to flour mixture; stir until mixture forms soft dough.
Drop dough by 1/4 cupfuls, 2 inches apart, onto greased baking sheets.
Bake 10 min. or until lightly browned. Serve warm.