COOK and stir carrots, onions and celery in hot oil in large saucepan on medium-high heat 3 min. Add broth and water; stir. Bring to boil.
STIR in asparagus and rice; simmer on medium-low heat 10 to 15 min. or until vegetables are crisp-tender, stirring frequently.
ADD soup, in batches, to blender; blend until smooth. Return soup puree to pan. Add milk and cheese; cook 5 min. or until heated through, stirring occasionally.
serving size = 1 cup (250 mL)