Funny story - I got my 7040 back from the dealer yesterday. I had told them what I said here - basically a very loud screech at idle. First thing I noticed was that it was idling higher - around 1000 rpm. I started to use it and, what do you know, as soon as it got up to operating temp, it began screeching. So, problem not fixed. Called the dealer and spoke to the mechanic. I asked him what he had done. I kid you not, his solution to the problem was to increase the idle speed! "Well, it made the noise go away", he said (except it didn't)
I know many of you have dealers that you like. I, for one, am regretting giving these goofballs my business (there have been other very unsatisfying interactions with them in the very short time I have had this tractor.)
Another thing I discovered yesterday. If it is screeching, it goes away if I put the shuttle in forward but shift the gear shift to neutral. That is what I ended up doing yesterday when I had to keep it idling for more than a few seconds. Is it possible that there could be some kind of hydraulic relief valve that is staying open?