Soak the farro in cold water for 30 minutes. Drain.
Place farro in a 3 quart pot and fill with broth. Bring to a simmer. Cook for about 15 minutes. The grain will begin to open and you will see the inner white. It will have a slight bite, al dente. Avoid over or under cooking. Drain the farro into a colander.
Coat a medium sauté pan with Bellucci EVOO and place over medium heat. Add shallots and red onion, and cook until soft, about 3 minutes.
Add peppers, tomatoes, olives, and garlic. Cook for 2 – 3 minutes until the vegetables have begun to soften, stirring occasionally. Remove the pan from the heat and let the vegetables cool.
In a medium bowl, whisk together the balsamic vinegar, red wine vinegar, Bellucci EVOO, salt and pepper. Add farro and mix gently. Add the cooled cooked vegetables. Sprinkle with cheese and basil. Keep refrigerated until ready to serve.