Morels have a symbiotic relationship with the plant that they grow with. Most often elm trees.
The colony can live a long time. Depending on the species of morels 100 years, you know like as long as a tree will live. During this time they store nutrients in what is commonly called a truffle, mycologists call that a sclerotia. It’s essentially a knot of mycelium packed full of nutrients, that they will fruit out of once they are separated from their food source, i.e. the tree.
Areas that have been hit by Dutch elm disease end up seeing a lot of morels fruiting, because a lot of trees are dying. Additionally morels like to fruit when the ground temperature is around 50 to 60°. Usually this will be on a south facing hill early in the spring if you are in the northern equator. As well as areas not getting so much direct sunlight later on in the spring.
Aside from that, like all mushrooms they enjoy fruiting after a rainfall. So the best time to look for them is when the ground temperature is 50 to 60°, it’s just rained, and the best place to look for them is in areas with lots of elm trees. Especially elms that are dying from Dutch elm.