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 - Uncle Cecil's Super A Lives Again - by Mike Purcell. A week or so out of most of my childhood summers was often spent with my Uncle Cecil and Aunt Sissie in the small East Texas town of Maydelle on their 80 acre farm. Some of my fondest memories of these visits are those of learning to drive a tractor at the helm of Uncle Cecil’s 1948 Farmall Super A. Uncle Cecil was the second owner of this wonderful little tractor, but it was almost as though he had adopted an infant. The original owner was a man from Minnesota who bought her from a local dea
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