Yes, there is a float, should be all the way forward on your joystick.
However.....
The float will still cause the front end to get light and steering to get looser. No definitive expert here, just going by the characteristics of my BX, it appears that the float starts floating only with a measured amount of resistance (ie; pressure on the ground). I have noticed this while scooping dirt also.
Try making contact with the ground using the normal forward motion on the stick, and right as it meets ground resistance push farther forward on the stick, you should feel something like a second detente point, then you are in float mode.
As far as it "free floating" along , for snow purposes, I'm thinking it's not quite that sensitive. There is still going to be some noticeable down pressure, at least based on the way mine reacts.
Anyone else with a BX notice something different with their FEL float?