Halve morels lengthwise or quarter if large. In a bowl of cold water briefly wash morels and drain on paper towels. Trim asparagus and diagonally cut into 1-inch-long pieces.
In a 10-inch heavy skillet heat butter over moderate heat until foam subsides and cook morels, asparagus, and shallot, stirring, until asparagus is barely tender, about 4 minutes. Sprinkle flour over mixture and cook over moderately low heat, stirring, 2 minutes. Add consommé and water and bring to a boil, stirring. Simmer mixture, stirring, 2 minutes and season with salt and pepper.
