Occaisionally, one of my horses will get a small spot that looks a little scurffy. The hair will pull loose and there'll be a dry crust at the base. I think it is a precursor to rain rot. Their hair is so thick, when it gets wet at the base it makes a cozy spot for bacteria/fungus. I make sure to give them a really deep, down brushing to stimulate the skin, especially after a few days of rain.
Cherie