Wood chips are an excellent soil amendment – if you add them in the right way. If you add them incorrectly, they can actually cause nutrient limitations in your soil for a while.
Over the years I have experimented with adding wood chips as mulch. This appears to not cause as much depletion of soil nutrients in the first year, and I have had perfectly adequate crops using wood chips as a mulch.
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Benefits Of Wood Chips Added To Soil- A Guide For Beginners