My guess is that it's the seed, with the hull contributing mostly fibre. Most of the birds eat the kernel only, discarding the hull; while I see blue jays gulping them down whole and chickadees carrying them away I know that in most cases they're intent on carrying them away to store, tucking them into a crack in the bark of a tree or burying them in the snow. If they remember where they put them they'll remove the hull before eating the seed.