You have one of the valves bad or out of adjustment in the Selective control valve on the left side. There are four valves inside the control valve.
When you are running a single acting cylinder you should be running the lever in the float position. It is much easier on the tractor and the valve. When you let it down by powering it down you are dead heading the system against the coupler. When you kick it to float all that happens is the low pressure valve in the control valve is open to the sump.
There are two holes in the control arm. If the linkage is in the bottom hole you will not be able to get the valve into float. Remove the console cowl and put the linkage into the top hole and then you should be able to feel it go into the float detent.
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