Place the farro and 8 cups of water in a 6-quart saucepot and heat over medium-high heat to a boil. Reduce the heat to low. Cover and cook for 30 minutes.
Drain and set aside.
Add the pancetta, onion, garlic and thyme to the saucepot and cook over medium heat for 10 minutes or until the pancetta is well browned.
Add the farro, broth, tomatoes, basil and black pepper and heat to a boil. Reduce the heat to low. Cook for 10 minutes.