A method and apparatus for measuring the moisture content or dry content of either high or low loss materials having a moisture content in excess of 50% utilizing a dielectric waveguide in contact with the material to be measured. The waveguide may be either embedded into the wall of a process pipe or it may pass through the pipe. The length of the waveguide can be controlled by the addition of reflecting spikes. The waveguide is designed and the microwave frequency so chosen that the microwave signal is reflected at least ten times. The strength of the output microwave signal is a function of the moisture content.