The answer to 'why is my retaining wall yellowing' is that the yellowing is likely caused by mineral deposits or efflorescence. Efflorescence is a white or yellow powdery deposit that can form on the surface of concrete or masonry walls as water evaporates from the wall. This is a common issue with retaining walls and can be caused by moisture in the soil behind the wall leaching through the wall.
The yellowing may also be due to mineral deposits from the soil or groundwater. Over time, these minerals can be drawn up through the wall and leave a yellowish stain on the surface. This is more common in areas with high mineral content in the soil or water.