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Combine broth, saffron and cheese rind (if using) in a medium saucepan. Place on a back burner and keep at a bare simmer. Melt butter with oil in a large, heavy skillet over medium-high heat. Add onion and cook, stirring occasionally, until translucent, about 4 minutes. Add rice and stir until grains are coated and just become translucent, 1 to 2 minutes. Add wine and cook, stirring constantly, until liquid has been absorbed. Begin adding broth 1/2 cup at a time, stirring fairly constantly and adding more broth only when the previous addition has been almost completely absorbed. Adjust heat as necessary so mixture simmers but does not stick.
Continue adding broth and stirring until rice grains are tender but still have a soft bite at the center, about 18 to 20 minutes. When rice is ready, stir in a final 1/2 cup broth and grated cheese, then remove from heat. Add salt and pepper and garnish with parsley (if using), cheese shavings and more pepper, if desired.