Don't know how yours if different than my 2606 but I'd start with a pressure relief or check valve stuck open with something holding the ball open. Could be a broken spring or something in the valve. This would cause the system to bypass and not hold any psi. Dirt and crud can get in there.
Probably the main problem all along and not the steering pump or valve if those didn't fix it.
My 2606 Industrial has a small block mounted with lines running into it on the passenger/right side of the draft control housing under the seat. There is a psi relief valve there. All you may see to recognize it is the hex head (what looks like the head of a bolt). Takes a 7/8" socket to remove. There is also one under the cover in the right front corner of the housing. That is the one I found stuck open on mine. Have to remove the seat and top plate. Be careful when removing the plate and you won't hurt the gasket. Don't over torque the plate bolts putting them back in and use antiseize on them. They may be hard to remove and take heat. Mine doesn't have the rockshaft in there, just an empty housing. I removed a top left front hex shapped drain plug that hold the fluid level up high (don't need w/o a shaft and control unit in there) and cleaned up about an inch of sludge that had accumalated there over the years. About every other hydraulic piece may also have a check ball and spring which may be the culprit.
go to www.caseih.com and search for parts. Plug in 3414 and see if the parts and schematic drawings show up. If not there try one of the similar models.
Pull the lines going to the steering cylinder and crank it up and try the steering both ways to see if you get much fluid there. Could be a piston seal in the steering cylinder allowing the fluid to bypass by it. I just rebuilt mine for a hundred bucks which helped mine a little. Put the bucket down and raise the front wheels off the ground. If the system and cylinder is holding psi, you shouldn't be able to push on the wheels back and forth and move them.(or very easy anyway)
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