Combine 1 cup water and milk; bring to a simmer. Remove from heat. Stir in cereal, sugar, salt, butter, and molasses; cool to lukewarm (100°F).
Combine 1/2 cup warm water (100° to 110°F) and yeast in a mixing bowl; stir until dissolved. Add lukewarm bran mixture and whole wheat flour; beat until smooth. Stir in enough all-purpose flour to make soft dough.
Turn out onto lightly floured board and knead until smooth and elastic, about 10 minutes. Place in greased bowl, turning to grease top of dough.
Cover; let rise in warm, draft-free place until doubled in bulk, about 1 hour. Punch down, turn dough out onto lightly floured board; divide it in half; shape each half into a loaf. Place each in a greased 8-1/2 x 4-1/2-inch loaf pan. Cover; let rise in warm, draft-free place, until doubled in bulk, about 1 hour. Bake at 400°F for 30 to 35 minutes, or until done.