Now that you said it CR, I think you're right. It comes from the coconut meat and is not the liquid you find in the center of coconuts.
It doesn't smell of coconut at all except faintly.
I'm wondering if using the CM might be contributing to those "unsaponifiables" we hear about in terms of being beneficial to the final product.
And as a (hopefully) related question, what about soy milk? Has anybody tried that in their soap and does it have any benefits?
I've been thinking about cow milk and GM soap, and also considering sticking to all vegetable ingredients, and was idly wondering if there would be any sense in trying SM soy milk instead of the cow/GM.