Hi Suhas, you can certainly reduce the size of this recipe in half if you only have one loaf pan. The easiest and most accurate way to do this is to multiply the weight of each ingredient in the recipe by .50. Dry milk adds tenderness and keeping quality to bread recipes, but you can get similar results if you substitute milk for the water called for in the dough portion of the recipe, and simply leave out the dry milk. Be sure to use the same temperature milk as is recommended for the water. Happy baking! 

Barb

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