I found these morels under the dead elm tree in my backyard. The total haul was around 8 pounds. Not bad. These retail for $40/lbs. and are only available during late April and Early May. No one has figured out how to cultivate these yet. They can be found by dead elms and usually like wet areas. Make sure the mushrooms you pick are indeed morels. Here is a website to help you identify the real thing.
Also, make sure you clean your morels immediately after they are picked. I snoozed on this and found some maggots eating away at mine within 5 days. Unfortunately, this meant that I had toss a couple hundred bucks worth of morels. I still chopped a few of them up, sauteed them in garlic butter, and threw them over a steak, even after the maggot attack. Nothing like a little extra protein on your steak.