Just recently acquired this tractor, changed filter, hydraulic fluid oil, coolant the whole nine yards before Bushhogging. When you say “water in oil no Maintenence “ do you mean there’s water in the oil and there was no Maintenence to prevent it? Or it’s this venting fluid normalActually, that looks like the transmission vent. Water in the oil. Over full. No maintenance.
So this I have circled just dissipates the fluid pressure by releasing fluid all over the gearshift cover ?A common problem with Ford tractors is transmission fluid leakage out of the top of the transmission when the tractor is working hard and the fluid gets hot. Ford developed a filler cap with a vent on top to fix this problem. Part Numbers: Vent: 21T4022. Cap w/Tube: 82004404. See photos below. This does help, but I've found that fluid also leaks: 1) Out of the port where the safety switch wires pass through the transmission top cover, 2) Through the trans fluid level dipstick hole, 3) Through the trans cover gasket.
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This is a generic vent to better illustrate the vent:
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Travellers universal hydraulic/transmission fluidThe purpose of the vented filler cap is to release gases without oil. Your vent is FUBAR from the looks of it in your picture. Check the fluid level in your transmission with the fluid level check plug on the right hand side of the transmission. Also, what fluid did you put in the tranny?