Bread

Bread is a food item created by combining three wheat in a row in a crafting grid.

Naturally generated
Bread can be found as a reward in chests in dungeons, in a mineshaft, and in a village.

Bonus chest
Stacks of 2–3 loaves of bread may appear in bonus chests.

Advantages

 * Wheat is very easy to farm, and can be started on the first day.
 * Bread restores more hunger than foods such as Apples and Carrots.

Disadvantages

 * Wheat grows slowly, so it may be some time before you can start to make bread.
 * It is easier to collect meat from nearby passive mobs at the start of a game than set up a wheat farm.
 * Wheat is used to breed cows, which effectively restores more hunger than bread in the long run.

Video
(Note: At around 0:19 in the video, the narrator says that bread restores three hunger points. That is not true, as bread restores two and a half hunger points)