odd trunk floor deterioration over spare tire

coupe74

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Santa Rosa, Sonoma wine country USA
When checking the spare tire (which was near flat), I found a tire-sized-and-patterned ring of mold (appears to be mildew - dry and powdery) and deterioration in the plywood floor above the spare.
I found nothing on this in the archives.

Its a '74 CS, always dry-barn-stored with a car-cover too (I think the local barn-spiders s*** epoxy), no leaks in the barn. Never driven in the rain or on wet roads, stored with trunk slightly open to allow electrical cord to the trunk-mounted battery trickle charger. There is a rubber-backed fitted carpet in the trunk above the elephant-skin-covered plywood floor. No evidence of mold or anything in the rest of the trunk, or anywhere else in the car, or below the tire. Only above the tire.

WTF?
 
Moisture in the air will condense on cool metal surfaces during the summer, just like a cold drink on a humid day. I have a a plate joiner for carpentry work in my unheated carriage house that has never seen rain yet it has rusted inside the small barn from ambient humidity.
 
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