Hi Dan,
I think that is a cone that produces pollen. It will soon whither and fall off which is why they are not there for most of the year. On windy days in pine forests you can see yellow clouds of pollen.
The cones with seeds take 2-3 years to mature, and are the familiar brown cones. Large ones are always further in from the tip because the branch continues to grow outward while the cone matures.
Scott