Soak mushrooms in very hot water for 30 minutes. Clean off any floating debris from the surface of the soaking liquid and carefully scoop the mushrooms out with your fingers or a slotted spoon, being careful not to disturb any sediment that has accumulated at the bottom of the bowl.

Pour the soaking liquid (now delicious mushroom broth) into a container, leaving the sediment behind. (You may do this step through cheesecloth if you like.) Chop porcini mushrooms finely.

In a heavy pot, heat olive oil over medium heat and cook shallots, porcinis and chanterelles until tender. From this point on, the pan will need constant watching.

Over medium-high heat add rice and stir constantly for 2 minutes. Add white wine and stir until absorbed into the grain. Pour in mushroom broth and cook until it is absorbed into the grain.

Add 1 cup chicken or vegetable broth, and stir until liquid is absorbed. Add an additional cup of the broth and stir, once again, until fully absorbed. Proceed in this fashion with remaining broth (reserving at least 1/2 cup), or until rice is cooked tender but firm. (You may not need to add all the broth; some Arborio rice absorbs less liquid than others.)

As the final step, stir in basil and remaining 1/2 cup of broth. This should make the grain a bit juicy. Immediately stir in Parmesan. The cheese will melt into the broth and form a creamy sauce around the rice.

Garnish with Roasted Beets.