Mix the yeast, salt, honey, and oil with the milk and water in a 5-quart bowl, or a lidded (not airtight) food container.
Mix in the remaining dry ingredients without kneading, using a spoon, a 14-cup capacity food processor (with dough attachment), or a heavy-duty stand mixer (with dough hook).
Kneed dough for 10 minutes.
Cover (not airtight), and allow to rest at room temperature until the dough rises and collapses (or flattens on top); approximately 3 hours.
Remove dough and kneed for 5 minutes adding white flour as needed if it becomes too sticky.
If preferred, the dough can be stored in the refrigerator for up to 5 days after the initial rise. Dough is often easier to handle when cold. Proceed with step 6 after removing from refrigerator.
Grease a 9x4x3-inch nonstick loaf pan with olive oil. Using floured hands, scoop out the dough and shape it into a ball by stretching the surface of the dough around to the bottom on all four sides, rotating the ball a quarter-turn as you go.
Drop the loaf into a prepared pan. You want to fill the pan slightly more than half-full.
Allow the dough to rest for 2 hours. Flour the top of the loaf and slash, using the tip of a serrated break knife (optional)
Twenty minutes before baking time, preheat the oven to 350 degrees Fahrenheit, with an empty boiler tray on any other shelf that won’t interfere with the rising bread. If you’re not using a stone, the preheat can be a as short as 5 minutes.
Place the loaf on a rack near the center of the oven. Pour 1 cup of hot tap water into a boiler tray and quickly close the oven door. Bake for 50 to 60 minutes, or until deeply browned and firm.
Allow to cool completely before slicing in order to cut reasonable sandwich slices.