I just bought a used tractor and have a small amount of fluid dripping from this bolt.. I assume is for the hydraulic fluid to drain but the middle of the bolt pops up and down if that makes sense. Is this bolt supposed to be that way?
That looks like a water drain for the clutch. If water leaks out when you push up the pin, then remove the bolt to drain the water. The owner's manual should verify what I'm saying.
I'm not familiar with that tractor, but if it is as Wolfy says then the front transmission seal is leaking, as Kenny says. If it were mine, I would frequently check the tranny oil level and judge my response by how fast that changes. Sooner or later a new seal is in order.
That looks like a water drain for the clutch. If water leaks out when you push up the pin, then remove the bolt to drain the water. The owner's manual should verify what I'm saying.
Clean the area up with degreaser and keep a close eye on it to see if the oil is coming from the drain (could be a bad seal) or the bolt next to it. That bolt could be an oil drain or an oil passageway. Either way it should be sealed and it could be the thing leaking. Before splitting the tractor to replace a seal I would make sure I knew which was leaking.