Can you enumerate these "reasonable assumptions"? The idea sounds pretty dubious to me.
And yes, I would say that if the sun exploded, killing all Earth life, nothing would have value, at least not from a human's perspective. This doesn't seem to help the case for intrinsic value.
However, the edge cases aren't imaginary, and they give us a chance to refine our ideas.
Say there is a huge harvest and a town now has much more food than it can eat. A food merchant passes through the town and wants to sell some of his goods, however obviously no one is interested. Has the merchant's food lost its intrinsic value? Why doesn't anyone want it?
We can also consider the vastly different food preferences found all over the world. And so on...
Being a bit pedantic, food isn't really a specific thing, it's an amorphous category. It's literally defined as "anything people eat that provides nutrition", so it almost feels tautological to say that food has intrinsic value.
Finally, almost any other concrete, specific example I can think is much less universal than "food".
This is a facile line of argument. There are reasonable assumptions we can make about how stable a particular context is.