There are a lot of questions here about water or milky looking stuff under the oil fill/breather cap. Usually it is caused by condensation. That is good advice below about making sure you have a good working thermostat. But even with a good thermostat it's still important to get the tractor out and work the snot out of it regularly. That will make the condensation evaporate in not only the engine but the tranny and rear end too.
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