I can see no reason why it wouldn't work.
The only difference might be that the whole wheat bread (like whole wheat flour) absorbs more liquid, so might need a little more milk or water to soak the bread.
I agree with Nancy! White bread sort of vanishes into the meatloaf more than whole wheat, so I make the whole wheat more like crumbs. That bread is just a binder to give added form and texture so you can experiment. Good cooking!
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The only difference might be that the whole wheat bread (like whole wheat flour) absorbs more liquid, so might need a little more milk or water to soak the bread.