J/30 Class Association Forums J/30 Forum The Boat, Sails and Equipment Yellow substance leaking from keel

A week after being hauled out I noticed a yellow substance coming out of the keel. It was kind of sticky, and then a week later it dried and now resembles dried mud. The area around the substance has a very thin soft layer, I can push it in like a piece of bubbled out paper. Underneath seems solid. There is a slight discoloration of the paint surrounding the area. Any idea what this is? Is a repair needed?