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Preheat oven to 350°F (175°C) and grease a 9×5-inch loaf pan.
In a large bowl, whisk sugar, milk, oil, egg, vanilla, and almond extract until smooth.
In another bowl, combine flour, baking powder, and salt.
Gradually fold the dry ingredients into the wet mixture until just combined.
Pat maraschino cherries dry and fold them gently into the batter.
Pour the batter into the prepared pan and bake for 55–60 minutes, or until a toothpick comes out clean.
Cool loaf on a wire rack for 20 minutes before removing from the pan.
For the glaze, whisk powdered sugar, almond extract, vanilla extract, melted butter, and cherry juice until smooth.
Pour glaze evenly over the cooled loaf and let it set before slicing.