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Drought is a common occurrence in Nebraska and agriculture is the primary economic sector affected. Because of repeated and widespread severe drought impacts, more emphasis on drought risk management is warranted. This study develops an agricultural drought risk assessment model using multivariate techniques. The model is specific to corn and soybeans and is able to assess real-time agricultural drought risk associated with crop yield losses at critical phenological stages prior to and during the growing season. The assessment results are presented in a Geographic Information System to provide a better visualization. This model provides information in a timely manner about potential agricultural drought risks on dryland crop yield to decision makers ranging from agricultural producers to policy makers from local to national levels.