The application concerns a measuring apparatus for determining a dielectric property, in particular the moisture and/or density, of a product, in particular tobacco, Cotton or some other fibrous product, having a measuring capacitor, a device for generating a high-frequency field in the measuring capacitor, which is influenced by a product which is arranged in a measuring volume of the measuring apparatus, and having a circuit device which includes the measuring capacitor and which is designed to determine suitable measurable variables of the high-frequency field influenced by the product, and is distinquished in that the circuit device is substantially non-resonant at the measuring frequency of the high-frequency field that is used, and measurement is based on the propagation of a travelling high-frequency wave in the measuring capacitor, and the circuit device is designed to determine two mutually independent measurable variables which are dependent on the amplitude and phase of the high-frequency wave influenced by the product. The application further concerns a corresponding measuring method.