1. Bring a pot of salted water to a boil and fill a large bowl with ice water. Add the asparagus to the pot and cook until crisp-tender, about 3 minutes. Transfer to the ice water to cool. Drain and pat dry with paper towels, then cut in half lengthwise and slice crosswise into 1-inch pieces.

2. In a skillet, warm the butter and 1 teaspoon of the olive oil over medium-high heat. Add the morels and cook, stirring occasionally, until the butter begins to brown, about 3 minutes. Add the shallot and garlic and cook for 1 minute longer. Stir in 1 tablespoon of the wine and the thyme and cook until the wine evaporates. Season with salt and pepper and set aside.

3. In a small saucepan, bring the stock to a boil. In a large saucepan over medium heat, warm the remaining 1 tablespoon plus 2 teaspoons of olive oil. Sauté the fennel, onions and carrots over medium heat until slightly caramelized, about 5 minutes. Stir in the farro until the grains are coated with oil and warmed through. Add the remaining ½ cup wine and simmer until evaporated. Add the boiling stock and the herb sachet. Cover and cook over low heat, stirring occasionally, until the farro is tender but still slightly chewy, about 35 minutes. Remove the lid and cook, stirring occasionally, until the farro absorbs the remaining stock, about 15 minutes longer.

4. Remove from the heat and discard the herb sachet. Stir in the morels, asparagus and chives and season with salt and pepper. Serve immediately or cool and serve chilled.