Melt butter in saucepan; blend in flour. Add chicken broth (canned or homemade) and milk and cook, stirring constantly, until mixture is thick and bubbly. Add Cheddar cheese, ¼ c. Parmesan cheese, salt and pepper; stir until cheeses melt.
Place asparagus in 10″ pie pan. Pour sauce over. Sprinkle with 2