Snap off tough ends of asparagus. Remove scales from stalks. Chop asparagus.
Combine asparagus and chicken stock in a large saucepan; bring to a boil. Reduce heat; cover and simmer 6 minutes or until crisp-tender. Remove from heat; set aside.
Melt butter in a small Dutch oven over low heat; add flour, stirring until smooth. Cook 1 minute, stirring constantly. Gradually add milk; cook over medium heat, stirring constantly, until thickened and bubbly. Stir in salt and pepper.
Stir in chicken stock and asparagus. Cook over medium heat until hot. Ladle into individual soup bowls; serve warm or chilled.