The beaver wax puzzle

A little language puzzle based on an event from my childhood.

When I was young, I was a Cub Scout. On my first overnight camp, at the age of eight or so, I was excited to learn that we would be making 'beaver wax' that evening. But what was that? I knew what beavers were, and I knew what what wax was, of course, but I couldn't connect the two in my mind. Baloo and all the older Cubs seemed to know what beaver wax was, so I didn't want to ask and look foolish.

My question to you is: what did we make that evening? (And no, it was nothing inappropriate...)

Forest: a good place for beaver wax?