In a large bowl thoroughly mix 2½ C flour mix, sugar, salt and dry yeast.
Combine milk, water and butter in a saucepan. Heat over low heat until liquids are very warm (120-130º). Butter does not need to be melted. Gradually add to dry ingredients and beat 2 minutes at med speed, scrapping bowl occasionally. Add 1 C flour mix, beat at high speed 2 minutes, scrapping bowl occasionally. Stir in enough additional flour mix to make a stiff dough.
Turn out onto lightly floured board and knead until smooth and elastic, about 8-10 minutes. Cover with plastic wrap, then a towel. Let rest 20 minutes.
Divide dough in half. Roll each half to a 14 x 9" rectangle. Shape into loaves. Place in 2 greased 9 x 5 x 3" loaf pans. Brush loaves with oil and cover with plastic wrap. Refrigerate 2-24 hours.
When ready to bake, remove from refrigerator. Uncover dough carefully.
Let stand at room temperature 10 minutes.
Puncture any gas bubbles which may have formed with a greased toothpick.
Bake at 400º about 40 minutes, or until done.
Remove from pans and cool on wire racks.