Baked meatloaf hardly breakfast! (7)

I believe the answer is:

oatmeal

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'breakfast' is the definition.
(oatmeal is often eaten as breakfast)

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for oatmeal that I've seen before include "Greyish-fawn colour flecked with brown" , "AA Motel (anag.)" , "Sort of beige" , "greyish-yellow colour" , "Ground grain; colour" .)

I've seen this clue in the Sydney Morning Herald.

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