I don't think saturated ground would do well. I look for damp soil like a creek or river bottom that has had recent rain, then sun. Again, this is just my experience, but I think I seem to find the larger groups of mushrooms at the edge of creek bottoms just above the bed. My theory is the spores are washed down by rain and they tend to collect around the high water mark.
Another point to consider: I use a mesh bag to carry my mushrooms. It allows the spores to fall to the ground as you walk around the woods. Using a plastic or paper bag limits the spread of the spores and future Morels.