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I've got this bag of MG Moisture Control potting mix that I've been slowly using... and the last couple times I've opened it - there's been this weird vein of cotton-y looking mold or fungus growing in it. I picked it out and threw it away, and still used some of the mix to pot up a few basil seedlings. It was probably dumb of me to do that... because now that cotton-y looking mold is growing in the basil container.
Does anyone know what it is, if it's harmful, if I should get rid of the rest of the bag, and can I still save the baby basil?
Very unlikely that it is harmful. The first thing that comes to mind is mycorrhizae. Whether it is or not doesn't change the fact that millions of plants live in perfect harmony, some even direct symbiotic relationships (as with mycorrhizal fungi) with hundreds of thousands of species of fungi. I see lots of evidence of mycorrhizal fungi during cool weather conditions - especially in spring when doing bonsai repots. I wouldn't be at all concerned unless your plants decline; only then would I bother to take a closer look.
Thanks for such a quick response, Al. I don't know if I'd really call it thread-like - 'cuz it reminds me more of cotton balls. Here's a pic... which I prolly shoulda posted in the first place.