I think wood chips are great to keep moisture in. My problem is they add little to the soil as far as nutrition. I would still want to add manure, or another compost, or organic fertilizer. A friend in the Orchard forum on GW uses wood chips for his 300 plus peach trees. He monitors nutrient levels and after 7 years hardly any change., A slight increase in organic matter (via University soil tests). He is happy with the results as fruit trees really do not need to be over fed. His use of wood chips is that they are cheap and keeps weeds down. He needs it for weed control. Hard to keep acres of trees clear of weeds.
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