Many successful homemade and historic bullet lube mixtures use beef tallow. Beef tallow is mostly a triglyceride of stearic acid. Soy wax is a pure triglyceride of stearic acid. Therefore, soy wax should be a direct replacement for tallow in a bullet lube formulation. Soy wax is consistent, so repeated formulations can have the same properties. It does not have any unsaturated fat so it is stable and does not become rancid. Pure soy wax has a melting temperature of 120 to 125 degrees Fahrenheit. It is also inexpensive and readily available in craft stores which sell candle making supplies.
Soy wax is soft but would not stay in the bullet grooves it has no tack, it crumbles easily and falls out I needed an additive provide the desired tack so the lube would adhere to the grooves and have high viscosity to deliver toughness without brittleness. I picked Smoke-B-Gone (SBG) by Warren Unilube a heavy paraffinic oil, with viscosity modifiers, used as an oil additive. SBG is very thick and strings out in long threads when measuring. Testing showed 10 to 20 percent SBG provided the cohesion to hold the soy wax matrix together as well as giving excellent tack.
I tested soy wax with 20 percent SBG in 38 special loads and 357 magnum loads. The 38 special H&G 148 grain wadcutter at 750 fps was no surprise, just about any lube works at this pressure level, accuracy was excellent. The 357 magnum full loads with 158 grain Saeco RNFP plain base bullet at 1330 fps is a more demanding application, poor lubes fail. Soy wax/SBG performed excellently, no leading and the accuracy was equal to the best this revolver has produced. There was considerable smoke and a generous lube star on the muzzle. The cylinder acquired a greasy coating after 50 rounds. Probably excessive lube, which is OK. Rifle testing will wait for spring when the outdoor range is comfortable.
Soy wax has good potential as a primary bullet lubricant component.
Have fun experimenting.