That's transmission gear oil.
I have the same model tractor. There is a plug that is supposed to go in that hole. However, when you push the PTO speed selector forward it pushes that plug out.
When I lost the plug I never was able to find a replacement. I cut a small piece of aluminum flashing and glued it on with JB Weld and it hasn't been a problem since.
The oil coming out looks really dirty, you should change it while you're at it.