34 weeks pregnant, or 32 weeks after conception: developing lungs

At 34 weeks pregnant, your baby's organs have matured, except for the lungs, which need a few more weeks to develop. The alveoli (tiny air sacs) in the lungs have started to multiply, and the capillary network is expanding. Surfactant, which helps your baby's alveoli expand on inhalation and keeps them open on exhalation, continues to be produced. 

Lining your baby's intestines is meconium, a thick, greenish-black, sticky substance which accumulates during pregnancy. Meconium is a baby's first stool and is typically not released in your baby's bowel movements until after birth.