I believe it's merely a humorous spinoff from "Yo-ho-ho and a bottle of rum". Dylan and the Band were doing a lot of experimental stuff together for the sheer fun of it, and exploring various musical possibilities. Accordingly, a lot of the "Basement Tapes" material is quite odd...what you might call novelty songs...probably composed on the fly, as it were. There are also, however, some very serious and meaninful songs that came out of that period. I doubt there is any deeper significance to the phrase, although some would say that "bread" meant money or whatever...I doubt that it meant anything on a conscious level...on a subconscious level, well, that's another story...