Whenever I water my Dracena Reflexa(song of India, Song of Jamaica), pale yellow water runs out of the drainage hole.
Is this normal or something wrong with the soil?
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The slow decay of organic matter in your potting soil is likely producing tannins:
Tannins are a natural organic material that can be the byproducts of nature’s fermentation process, be created as water passes through peaty soil and decaying vegetation. This can cause water to have a faint yellow to tea-like color, and can cause yellow staining on fabrics, fixtures, china and laundry.
Tannins may give a tangy or tart aftertaste to water. They may also cause water to have a musty or earthy odor.
Chemically, the word tannins refers to a diverse lot of different polymers of plant breakdown products.
That's just a start though as tannins comprise a wide range of compounds with molar masses ranging from 500 to 20,000 plus. Most include poyphenols. The unifying factors in the group are an astringent flavor and the ability to precipitate proteins.
Oaks and pine trees are major producers of tannins, non-oak dicots, not so much (ref 2).
The yellow stuff coming from your Dracena Reflexa pot is likely just normal breakdown products of peat or sphagnum moss in the soil.