Bring the water to a boil in a small pot over medium-high heat. Add the farro grain, cover, and lightly simmer until al dente - about 30 minutes. You should end up with about 2 cup cooked farro. Set aside.
Heat the olive oil in a large, heavy soup pot over medium-high heat. Sauté the celery, leeks, and jalapeño until softened, about 8 minutes. Add the garlic, thyme, salt and pepper and sauté for an additional minute or two, until very fragrant.
Add stock, farro (with any residual liquid), beans, asparagus, and knob of Parmesan. Simmer for 15 minutes. Stir in the sherry.
Ladle into bowls and top with olive oil, fresh cracked pepper and Parmesan and serve with thick slices of bread with a lather of butter.