From: NH, TX
How you "moisturize" your cane depends at least in part to how it was, or was not, sealed.
Canes which are left raw should be treated with some sort of oil to keep them supple. Mineral oil is a good choice because it will not go rancid and does not leave that stick residue after it is wipped off. Water will work, but it evaporates so quickly that it is not really a good choice.
BTW... in Singapore, when caning is prescribed as punishment, the canes are soaked in water specifcally to prevent them from splitting. Since the cane only needs to last long enough to inflict the punishment water is a good choice.
Canes which are fully sealed with shellac, varnish, polyurethane etc., must have some of the finish removed before they will accept any water or oil. Lightly sand the tip of these canes so that the raw material shows through on the last 1/2". Some makers leave the last 1/2" or so of the tip unfinished just for that purpose. In this case all you need to do it to immerse the raw tip into the oil and it will wick into the center cane. Do this once every 4-6 months and you should be fine.