The most common and most likely answer to this crossword clue is the 7 letter word OILCAKE
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More clues leading to the result OILCAKE
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The straight part
We know that "Modest stretch of water" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case modest stretch of water = oilcake.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does OILCAKE mean?
OILCAKE noun- The solid residue remaining after any oilseed has been pressed to remove the vegetable oil; it is used, with other ingredients, as animal food.
- A cake made with vegetable oil instead of butter.