In the bowl of a mixer combine the warm water (about 105°), molasses, and yeast. Let sit for about 5 minutes until the yeast is nice and frothy.
Add in the milk, salt, vegetable oil, bread flour, whole wheat flour, rye flour and caraway seeds. Use the hook attachment to mix on low until combined and then bring the speed up to medium and knead for about 8-10 minutes until the dough is smooth.
Oil a large bowl and transfer the dough into it. Cover it with a kitchen towel and set the bowl aside in a warm place for about 1 ½-2 hours, or until the dough has doubled in size.
When the dough has doubled, punch it down and turn out onto a clean counter. Allow it to rest for about 5 minutes before using your hands to gently pull the dough on the counter to shape it into a round loaf. Place the loaf carefully on a parchment lined baking sheet. Cover and allow to rise for another hour.
About 40 minutes into the second rise, preheat the oven to 425°. Slash the bread with a sharp knife or a bread lame. Place in the oven and bake for about 30-35 minutes, until golden brown.
Allow the loaf to cool for at least 20 minutes before slicing.