To link variation in canopy conductance to soil moisture in the rooting zone, measurements of throughfall (PT), volumetric soil moisture (θ) to 0.7 m, transpiration from trees >10 mm in diameter (EC), and vapor pressure deficit (D) were made in a forest dominated by Pinus taeda. Total evapotranspiration (ET) was estimated from PT, changes in volumetric soil water content within a defined soil volume (ΔS), and drainage out of that volume (Q), calculated from unsaturated soil hydraulic conductivity and θ. Our calculations suggest that over 145 growing‐season days, Q was negligible, and most of PT, averaging ∼2 mm/d, was partitioned between soil moisture recharge (0.4 mm/d) and ET (1.6 mm/d, not including ∼0.4 mm/d of interception, I, by canopy trees), of which EC was estimated from direct measurements at nearly 1.2 mm/d. Evapotranspiration by the subcanopy component accounted for slightly over 0.4 mm/d, about a third of ET (a fourth if I is included). Most of the water used for ET (>90%) was taken from the upper soil layer (top 0.35 m, or less). Canopy leaf conductance, calculated from EC, D, and canopy leaf area, was strongly related to θ in the upper soil layer once θ decreased below 0.22.