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According to the 2016 Ford F-550 owner's manual, it is recommended to use Motorcraft Mercon Lv Automatic Transmission Fluid for the power steering system. The power steering fluid reservoir can be found near the front and center/right of the engine. If the fluid levels are between the MIN and MAX marks, there is no need to add more fluid. However, it is important to ensure that the level does not drop below the MIN mark as this could lead to steering issues. Power steering fluid typically lasts a long time, so if you notice it depleting quickly, there may be a leak in the system that needs to be addressed.
The Ford f-550 model from 2016 requires Mercon V automatic transmission fluid for optimal performance.