Hard to say. Youzhny's done a bit better overall this year, as evidenced by his higher ranking. They both had a pretty good grasscourt warmup at queens - JCF got to the semis, beating Grosjean, Mathieu, Malisse, and Darcis (rankings: 470, 37, 172, 73) and losing to Murray, whereas Youzhny got to the quarters, beating Hernandez, Baghdatis, and Simon (rankings: 63, 81, 7) and losing to Blake.
If you look at last year's grasscourt performances, Youzhny's is slightly better, he got to the 4th round of Wimbledon beating #15 stepanek before losing to Nadal, whereas Ferrero had a 2nd round exit to Zverev. However, Youzhny also had an early loss at Halle last year to Kiefer.
In 2007, the year Ferrero got to the Quarters and gave a good match to Federer, Youzhny had gotten to again the 4th round and lost to Nadal after being up 2 sets to love.
If Ferrero's a big underdog, then it's probably wrong. If it's a very slight underdog, it might be right. Overall, their grasscourt records over the past couple of years are similar, and currently Youzhny is ranked higher.