I'm really not sure what the fuel filter setup is on my M126GX
but I don't think it has a drain either. I had the co-op guys change the filter last year while I had the tractor in their shop for a tire repair.
What concerns me is where is the water coming from? Is it coming from your fuel supply tank, or somehow the tractor fuel tank gets contaminated after you fuel up?
My Ford tractors have what I call "sandwich" filters on them with a bowl on the bottom of the filters with a drain in each. I don't use the drains because I'm afraid I'll break them, but I look for water when I change filters and don't see any with the naked eye.
I have spin-on particulate filters with drains in the filters on both my bulk tank and pickup tank. Also have a drain in the bottom of the bulk tank lower than the valve outlet. I drain some fuel off the filters every so often but don't notice any water in it.
I have good intentions of changing the bulk and portable tank filters annually, but sometimes that goes to 2-3 yrs. I aim to change tractor filters every 2 yrs. I seldom put 100 hrs/yr on any tractor.