| beeswax does react to water differently to varnish or oil - sounds like the finish has gone; but if the grain's coming up; then your bow's definately not sealed.
As an alternative you could rub down with a fine sand paper (careful as exessive sanding will take draw weight away); then 0000 wirewool. then apply 3 - 4 coats of exterior danish oil (leave 24hrs between coats minimum. Give it a rub down after 3 coats with wire wool, then put one last coat on. You can put it on with a brush or rag. the final coat can be rubbed with a lint free cloth for a lovely satin finish.
An application or two of beeswax on top will allow any water to bead on the surface of the wood - which you can easily wipe off.
Cheers, D |