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It is a section of reed root that has been grubbed out, presumably someone has been clearing swims. I have cleared tons of this from my trout stream over the years.
I have now successfully blanked 3 times in a row on my syndicate carp pit. Having told everyone that it is pointless fishing there until mid-April I have failed to take my own advice. To prove my stupidity; conditions are hopeless tomorrow, with constant sun and a cold Easterly so I shall fish it again....
Maybe dragonfly lavae casing?