Abstract: Apparatus for measuring moisture content of gypsum board and like products as a function of dielectric constant comprising an rf signal source, an antenna disposed for rf field coupling to a test material, first and second reference inpedances, and a control circuit for selectively connecting the reference and antenna impedances to the output of the rf source. A rectifier is responsive to source output for providing the corresponding d.c. signal to measurement electronics. The measurement electronics first subtract a first reference signal indicative of the reference impedances from both a differing second reference signal indicative of the reference impedances and from a signal indicative of impedance at the antenna. Moisture content is then determined as a function of the ratio of the differences. A threshold detector is responsive to the difference between the antenna and reference signals for indicating the presence of test material adjacent the antenna.