You can go with an oil and wax finish. Try tung oil or boiled linseed oil. Avoid products that combine a varnish with the oil if you want to avoid the look of a film finish. Cedar can be a pretty resinous wood. To keep the resin from leaching to the surface I recommend at least a couple coats of dewaxed shellac. Use a pretty thin shellac, say between 1/2 pound and 1 pound cut.
Finish up with a high quality paste wax.