It is important to note that unlike commercially available cheese waxes that contain paraffin (a petroleum product) beeswax is more brittle and can lead to cracking when used in its pure form. This problem can be alleviated by blending the beeswax with a vegetable based oil. I found the following recipe:
CHEESE WAX (Ounces by weight):
16 ounces beeswax
3 ounces vegetable shortening
I have also seen mineral oil used as an adjunct.
Further instruction on cheese waxing and using store bought cheese: