Trim and discard tough tops and root ends of lemon grass stalks. Remove and discard tough outer leaves. With the flat side of a knife, gently crush lemon grass and galangal. Wrap lemon grass, galangal, and bay leaves in a piece of cheesecloth.
In a 5- to 6-quart pan, mix turmeric with 1/4 cup water. Stir in coconut milk, broth, rice, salt, and lemon grass bundle. Bring to a boil, uncovered, over high heat; lower heat to medium and simmer, stirring occasionally, until most of the liquid is absorbed, 10 to 15 minutes. Cover pan and cook over low heat, stirring occasionally, until rice is tender to bite, 10 to 15 minutes more. Remove and discard lemon grass bundle.
Pour rice in a mound on a platter. Or, if desired, shape rice by spooning into a large cone-shaped basket or mold and inverting onto platter.