In a mixing bowl combine the bread flour, rye flour, caraway seeds, salt, and yeast. Stir together until well mixed. Add the molasses to the warm water and stir until dissolved. Add the molasses water to the dry ingredients and stir together. Cover with cling film and a tea towel. Set in a warm place for at least 8 hours but as long as 12 hours if desired.

Sprinkle a liberal amount of flour on the counter. Use a spatula to scrape the dough out of the mixing bowl onto the counter. The dough will be very sticky. Sprinkle the dough generously with flour. Use your hands to fold the dough over by picking up one edge and pulling it into the centre. Repeat several times until you have a rough ball shape.

Flip the dough over and shape into a smooth ball, tucking the edges under if necessary. Place a piece of parchment paper into a clean mixing bowl. Place the dough in the bowl on top of the parchment. Gently brush the top of the dough with oil. Cover with a tea towel and let rise for 1 hour.

Preheat the oven to 450°F. Half an hour after shaping the dough place a dutch oven or clay baking dish with lid in the oven to preheat.

To bake the bread, remove the lid from the dutch oven. Carefully pick up the bread dough by using parchment paper and lower it into the dutch oven. Use a sharp knife to score a slash across the top of the dough. Lightly dust with flour, replace lid, and bake for 30 minutes.

Remove lid and continue cooking for another 10 to 15 minutes until browned and fully cooked; it should sound hollow when tapped on bottom. Transfer bread to a rack to cool before slicing.