There are several posts here on the MF site with possible causes but most are normally for lifts slow to lift or too quick to lower. First off though, place your draft control lever all the way up and forget about it unless you're using ground engaging equipment. After that, without an implement on back, try the lift. Issues that may be causing your problem include;
1. contaminated hyd fluid caused by cracked shift lever boots or lift spring boot have allowed water into your hydraulic fluid, check to see if it's a light sandy brown colour (see pic). Another possibility is someone has over-greased the 3 point linkage at the top cover which, as I found out, will allow excess grease into the case / fluid and clog up your filter,
2. there is a standpipe that transfers fluid from the pump to the aux control on the top cover, these seals get old and will allow fluid to bypass (see pic, upper left). If it's the top seal you'll be able to see whether it's leaking through the PTO engage side cover, (you'll need to drain a gallon or so of fluid prior to removing it) it will look like a waterfall coming from the top of the standpipe,
3. adjacent to the pto side cover you've removed is your filter (see pic, lower center adjacent to the pto select cover), look at it to see if it appears clogged. If there has been grease or other contaminants in your fluid there is a chance it may be restricting fluid flow,
These are possible causes if your problem is that it's slow or lacks power when lifting implements. Severe contamination, such as a completely clogged filter like I had, can also prevent it from operating at all.
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Hope this helps.