Leaves Turning Yellow or Red: In Kansas we often see chlorosis
(yellowing) of plant leaves due to high pH soils making iron unavailable. However, there can other causes that result in similar symptoms. For example, we have received so much rain in certain parts of the state recently that plants are unable to take up the nutrients needed to maintain a good green color. The cause of this condition is actually a lack of oxygen in the soil due to soil pore space being filled with water. This lack of oxygen to the roots often results in a yellowing of foliage. In certain plants such as oaks and maples, however, it may also lead to a reddening of some of the newer leaves.
Fortunately, color changes due to wet soils will be corrected as soils dry. Plants should regain their color when we return to more normal weather.
Trees Shedding Leaves: If trees shed leaves in a general shedding with all parts of the tree losing some leaves, then there is no cause for concern. A general shedding of the leaves is most often due to
weather turning hot and dry. The tree drops leaves because the root
system can no longer keep up. Dropping leaves helps balance the amount
of water available from the root system and the amount needed by the leaves.
However, the same thing can happen if the soil is too wet. A lack of oxygen in the soil compromises the root system so it can no longer support all the leaves. Therefore, the tree drops some leaves to bring the tree roots and leaves back into balance. The tree will retain more than enough leaves to remain healthy. (Ward Upham)