Dissolve yeast in warm water, stirring well. Let stand 5 minutes or until bubbly.
Combine milk, lard, sugar, and salt in a large heavy saucepan; heat to 105° to 115°. Stir in dissolved yeast and flour, mixing well. Cover and let rise in a warm place (85°), free from drafts, 15 minutes. Kneading is not necessary as dough is very soft and sticky.
Lightly grease muffin pans. With well-greased hands shape dough into 1-inch balls; place 3 balls in each muffin cup. Cover and repeat rising procedure 15 minutes. Bake at 450° for 8 minutes or until golden brown.