Place asparagus and broth in medium saucepan and bring to low boil.
Cook asparagus until crisp tender.
Meanwhile, in a large saucepan over medium heat, melt butter; add flour stirring constantly 1 minute forming a roux.
Add milk and stir until slightly thickened.
Add asparagus and broth and stir well.
Reduce heat to low and cook 3 minutes more.
Add salt and pepper to taste.