It's very rare for a water pump to fail to move water.
Typically when a water pump "fails", it will leak, and maybe the bearings will get loose and it will rattle around, but it will still pump.
A good way to tell if the pump is working, and the coolant is circulating, is to fill the radiator, get the engine up to temperature, fast idle the engine, and carefully look into the radiator to see the coolant circulating. Also if the radiator tank is hot to the touch, and the air coming through the radiator is warm, the pump is circulating coolant.
Sounds like your tractor got really hot for it to send water and steam that hard out the cap. Any possibility the radiator is clogged with grass? Another possibility is the radiator is clogged internally. This can be detected by feeling the front of the core. It should feel equally hot side to side without any cold spots, warmer at the top, cooler as you go down, but still equal side to side.
As you said, check the thermostat.
But good possibility the head gasket is leaking. Evidence is mystery coolant loss with no external leak. Steam out the exhaust on a warm day. Radiator pressurizing quickly, even before the engine is up to temp. also blowing pressure out the cap. Engine miss, or difficulty with the starter turning the engine, (liquid lock). You can also let it sit overnight, pull the plugs, crank it through and watch for water to blow from a cylinder.
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