What on earth is this?

More garden clearance today.

There's a load of mainly leylandii branches propped up in the corner of the garden. I never got round to doing anything useful with them, such as transform them into a little border fence (some of them were) or get rid of them (there's only so much space in the green wheelie bin). I didn't realise taking them to the tip would be so easy.

So today, I got out my little saw and the work-bench thing, and got sawing. A lot of the branches were so dry, it was easier to snap them, which reduced the time it took. It's a shame they were leylandii, really: they're too resinous to use in the stove on the boat. As if that wasn't bad enough, some of the branches had quite obvious woodworm. In fact, one of them had a visible woodworm; there's a lot of wood on the boat.

The branch in the photo had been there for quite some time (we're talking at least a couple of years). The end resting on the soil had gone quite rotten, and had all these pink lumps on them. I suspect they are some kind of eggs or similar. There was no way I was putting them in my car (to take to the tip), but our wheelie bin was full. There's one green wheelie bin that never seems to get used, so I put it in there instead, along with a load of other garden waste and the branch with the visible woodworm.

So, my question is: what is that pink stuff? I did poke it with a stick, to see how squidgy it was. It gave a little, like rubber, perhaps.