"Instead of using standard white latex paints to paint hive bodies, what are the pros and cons for painting the outside of hive bodies with beeswax?" 

Won't others will pay you more for your beeswax than you would pay for paints or other treatments? 

Why not try a mixture of linseed oil and turpentine? I have been using a 2:1 linseed oil:turpentine mix for several years with great results. Linseed oil and turpentine are the primary ingredients in oil paints. 
Try it. It slightly darkens the wood, and lets the grain show through. 

Jeff Hills 
Dorset, VT 

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