Adding to Jim's reply: Most likely it is the transmission countershaft seal. You can quickly determine by removing the dust plate then peering up inside the belly of the beast.
It's not difficult to replace the seal without splitting the tractor. It does however require dropping the belly pump which is a bit awkward and heavy (not an issue if you have a Stage II Super H since there's no belly pump)
Tip: If you find a leaking tranny front seal replace both the countershaft (lower) and the upper (input shaft) seals together. If one seal is leaking the other is soon to fail!
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