Preheat the oven to 350°F and lightly oil and flour a 10-inch bundt pan.

Stir the milk, yogurt, lemon juice, and lemon extract together in a small bowl or liquid measuring cup.

Whisk together the flour, baking powder, baking soda, and salt in a large mixing bowl.

In a separate large mixing bowl, beat the butter and sugar together with an electric mixer at high speed until blended.

Begin beating the milk mixture into the butter mixture, adding a bit at a time and beating it at low speed to avoid splashing.

Begin adding the flour mixture to the milk and butter mixture, about a third at a time, beating each addition in at high speed until fully incorporated.

Add food coloring if desired, and continue beating the batter just until smooth, about 30 seconds to a minute.

Transfer the batter to the bundt pan.

Bake the cake for about 50 minutes, until a toothpick inserted into the center comes out clean.

Transfer the cake to a cooling rack. Loosen the sides from the pan with a knife, but leave the cake in the pan until it is completely cool.

To make the glaze, stir the powdered sugar and lemon juice together in a medium bowl. Add some extra powdered sugar if it seems too thin, or some extra lemon juice if it seems too thick.

When the cake has cooled, carefully remove it from the pan by inverting it onto a plate.

Drizzle the cake with glaze.

Slice and serve.