Preheat the oven to 350ºF. Spray a 9"x5" loaf pan with cooking spray, or grease with shortening, then dust with flour.
In a medium bowl, stir together the sugar, milk, oil, egg and almond extract. 3/4 cup granulated sugar, 1/2 cup 2% milk, 1/2 cup canola oil, 1 large egg, 1 teaspoon almond extract*
In a separate bowl, combine the flour, baking powder, baking soda and salt. Add the dry ingredients to the wet ingredients and stir until just combined. 2 cups all-purpose flour, 1 teaspoon baking powder, 1/2 teaspoon baking soda, 1/2 teaspoon salt
Drain the maraschino cherries, reserving the juice for the glaze. Coarsely chop the cherries in a food processor or with a knife. Gently fold the cherries into the batter. 2 jars maraschino cherries**
Pour the bread batter into the prepared pan. Bake for 50-60 minutes***. A toothpick inserted in the center of the bread should come out clean. Allow the bread to cool for 10 minutes, then remove the bread to a wire rack to cool completely.
To make the glaze, combine the powdered sugar, melted butter, cherry juice and almond extract in a small bowl. Whisk until it is smooth. 1 cup powdered sugar, 1 tablespoon melted butter, 2 tablespoons maraschino cherry juice, 1/2 teaspoon almond extract
Once the bread is cool, spread the glaze on top of the bread. If you spread the glaze on while the bread is still warm, it will melt and run off.
Slice and serve. Store any leftovers at room temperature in an airtight container. The bread freezes well, too.
Video
Notes
*I often add an extra teaspoon of vanilla or almond extract to the bread batter (along with the wet ingredients) for an extra boost of flavor. I do this especially if I'm not putting the glaze on top. The bread has the most flavor when you add the cherry glaze!**Many maraschino cherry brands come without red dye in the cherries. If you pick up a jar like this, your bread will not be pink. If you want pink bread, be sure that the cherries you use actually have red coloring in it. You can always add additional red coloring if you want the bread to have more of a pink flavor.***The exact baking time will depend on the exact type of pan you use. If it is smaller, it will take longer to bake. I have used a metal pan that is just slightly smaller (8.5"x4.5") and it takes about 60-65 minutes to bake. Glass/Ceramic/Stone pans will all bake different. The bread is done when the inside of the bread is about 200ºF.**The calories shown are based on the bread being cut into 10 pieces (and all of the frosting used), with 1 serving being 1 slice of bread. Since different brands of ingredients have different nutritional information, the calories shown are just an estimate.