Well if you have replaced the piston seals, and are sure they are OK, then you either have a crack in the cylinder or piston venting fluid, or a problem with the lift valve. I think your Farm Pro is a rebaged Jinma. If it is, then one thing you might try to help determine which it is, depending on exactly how your lift is configured, is to raise the impliment in the air, then fully close(clockwise) the speed regulating valve in front of the seat. In many cases this valve can be fully closed and completely isolate the 3PH cylinder from the lift valve. If the impliment stays in the air once this valve is screwed closed, then the issue is in the lift valve assembly.
Locking a load in the air with the speed reg knob can hydrauically lock that valve knob in place and you will not be able to unscrew it to lower the impliment due to the weight of the impliment pressurizing the system. Mine(jinma 284) does this and I either need to jack up the impliment or back it into a rise and take all the weight off the 3PH to unscrew the valve knob. Once the weight is off, it unscrews with 2 fingers. With the weight on, you can't move it with a pipe wrench.
If yours is a Jinma, it may be that the 3PH overload safety is in the lift valve assembly(mine is), and as mentioned, it may have something keeping it open slightly and allowing the fluid to escape from the 3PH.
Does your 3PH valve look like this?
http://johnstractor.homestead.com/files/HydValve.jpg
If so, the safety valve in question is comprised of parts 1-7 and is easilly accessed by loosening the square headed plug(part #1) and lifting the parts out for inspection.