What is it? Fruiting body/chrysalis/poo?

What is it? Fruiting body/chrysalis/poo?

Observation - What is it? Fruiting body/chrysalis/poo?. Description: Spotted by my son on S-facing side of fencepost. On first inspection 10am-ish, texture was firm and soil like. In pm, having had sun on it, had dried and fine dust (spore-like) emerged when touched. We don't know what it is.

Spotted by my son on S-facing side of fencepost. On first inspection 10am-ish, texture was firm and soil like. In pm, having had sun on it, had dried and fine dust (spore-like) emerged when touched. We don't know what it is.