I use a good bit of composted cow manure on my vegetable garden. I always "hot" compost it to kill dangerous pathogens and bacteria, including E. coli and to kill most weed seeds. Another factor in composting (which isn't really important to me but could be if I had near-by neighbors) is that hot composting manure virtually eliminates the bad smell.
Years old manure will be partially composted naturally but will still have some of the above traits. If it were mine, I definitely would hot compost it. Also, I would not add the wood chips because they will tend to make the process take longer and at lower temps than it otherwise would.
It's easy to do...just pile it up, water it down some if its dry, and turn it over several times.
Here's my current pile today at 137 deg. F at 6 inches deep.... and significantly hotter in the center. Soon that will be nothing but black magic soil conditioner.
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