I have a 340U. I believe what you're looking at is the control/safety relief valve (on my pic it's the valve on the far left) and the component in the top that is leaking is the power steering priority control. You can release the mechanism via a snap ring. The top disc below the snap ring has an O ring groove and O ring that apparently is leaking. There's one on the bottom of the valve as well. You might wish to disasemble the entire valve while you're at it, as there is a screen and orifice in there that often get clogged. Clean it up and replace all of the O rings would be my recommendation if it's never been done before.
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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