Or HaChaim on Genesis 40:16/אור החיים על בראשית מ׳:ט״ז

1 וירא שר האופים כי טוב פתר, When the chief of the bakers saw that Joseph had interpreted well, etc. Since he himself had dreamt the interpretation of the dream of the chief butler he was in a position to evaluate Joseph's interpretation. The same could not be said of the chief butler as the latter did not know whether Joseph's interpretation would prove correct until it would be fulfilled.

2The words טוב פתר could also mean that Joseph had given a favourable interpretation to the dream of the chief butler. Thus encouraged, the chief of the bakers told Joseph his own dream hoping that Joseph would have a favourable interpretation for him also. His hope was based on the prophecy of Jewish exile that the dream contained. He saw the nations of the world who are compared to vultures consume the Jewish people (compare Targum Yonathan on Genesis 15,11). Israel, on the other hand, is compared to bread as we know from Psalms 14,4: אוכלי עמי אכלו לחם, "who devour My people as they devour bread." When the chief of the bakers spoke about carrying the baskets על ראשי, on my head, he hinted that Israel would be on top of all the nations. You will note that in the description of Pharaoh's activities in the dream of the chief butler, he is not described as drinking the wine, i.e. consuming the Jewish people. He only held the wine in his hand, an expression of paying homage to its worth. Contrast this with the fact that in the dream of the chief of the bakers, Pharaoh, i.e. the vultures, are reported as consuming part of the Jewish people.