Heat the olive oil in a heavy 5 or 6 quart saucepan (with a lid) over medium-low heat. Add the shallots and saute until translucent, 3-4 minutes. Add the farro, and stir, coating the farro with the oil, until heated through and toasty, about 4 minutes.
Carefully pour in the white wine and stir into the rice while it cooks off. Add 3 cups of the broth and the salt. Stir well, cover the pan, and transfer to the preheated oven. Bake for 30 minutes.
While the risotto is in the oven, prepare the asparagus. Place in a bowl with 2 tablespoons of water. Cover with a microwave-safe lid and cook on high for 2 minutes. Drain and rinse with cold water to stop cooking, and set aside.
Prepare the basil-walnut pesto by placing all of the ingredients except olive oil in a food processor. Pulse for 20 seconds. Add the olive oil and blend for 20-30 seconds more, scraping down the sides of the bowl as needed. If the pesto seems dry, add a little more olive oil.
At the 30 minute mark, take the farro out of the oven and taste for doneness. It should be cooked all the way through, but will still be a bit chewy (this is the basic texture of cooked farro). If it's not done, return to the oven in five minute increments, testing for doneness each time.
Note: Be very careful handling the pan when you take it out of the oven! I wrap a towel or a hot pad around the handle while I finish this dish.When the farro is done, add half of the remaining broth and stir vigorously for 1 minute. If the risotto seems dry, add the remaining half and stir for another minute. If you need more moisture, it's perfectly fine to add more broth or even water, though I've never needed to.
Stir in the parmesan cheese, the pesto, and the lemon juice. Taste and adjust seasoning before folding in the sundried tomatoes and asparagus. Garnish with a few chopped walnuts and basil.
Notes
Be sure to use semi-pearled farro, sometimes labeled semi-perlato. It should be about the color of brown rice, or a little darker. Avoid using pearled farro, which is white.For a gluten-free option, substitute brown rice for the farro. Start checking for doneness after 25 minutes in the oven. Note: brown rice will be more chewy than cooked white rice, but less chewy than traditional risotto.