Dissolve yeast in warm water. In the bowl of a food processor or standing mixer, combine oatmeal, molasses, salt, and ¼ cup canola oil. Add yeast mixture. Then add flour one cup at a time, beating until dough forms a ball and sticks together. Cover and let rise until doubled, about 1-½ hours.
Turn dough onto a lightly floured surface and punch down gently. Knead 2 to 3 minutes and form a ball. Place in a clean bowl, cover, and let rise until doubled, about 45 minutes.
With remaining oil, lightly grease two 8x5-inch loaf pans and coat with uncooked oats. On a lightly floured surface, punch down dough gently and divide into two portions.
Flatten dough into 7-inch-long rectangles and roll up lengthwise. Place dough, seam side down, in prepared pans. Let rise again until doubled in bulk, about 45 minutes.
Heat oven to 350 degrees. On middle rack, bake bread until golden and loaves make a hollow sound when bottoms are tapped, about 40 to 50 minutes. Remove from pans and cool on rack.