Microwave observations are sensitive to plant water content and could therefore provide essential information on biomass and plant water status in ecological and agricultural applications. The combined data record of the C-band scatterometers on the European Remote-Sensing Satellites (ERS)-1/2, the Metop (Meteorological Operational satellite) series, and the planned Metop Second Generation satellites will span over 40 years, which would provide a long-term perspective on the role of vegetation in the climate system. Recent research has indicated that the unique viewing geometry of the Advanced SCATterometer (ASCAT) could be exploited to observe vegetation water dynamics. The incidence angle dependence of backscatter can be described with a second order polynomial, the slope and curvature of which are related to vegetation. In a study limited to grasslands, seasonal cycles, spatial patterns, and interannual variability in the slope and curvature were found to vary among grassland types and were attributed to differences in moisture availability, growing season length and phenological changes. To exploit ASCAT slope and curvature for global vegetation monitoring, their dynamics over a wider range of vegetation types needs to be quantified and explained in terms of vegetation water dynamics. Here, we compare ASCAT data with meteorological data and GRACE equivalent water thickness (EWT) to explain the dynamics of ASCAT backscatter, slope, and curvature in terms of moisture availability and demand. We consider differences in the seasonal cycle, diurnal differences, and the response to the 2010 and 2015 droughts across ecoregions in the Amazon basin and surroundings. Results show that spatial and temporal patterns in backscatter reflect moisture availability indicated by GRACE EWT. Slope and curvature dynamics vary considerably among the ecoregions. The evergreen forests, often used as a calibration target, exhibit very stable behavior, even under drought conditions. The limited seasonal variation follows changes in the radiation cycle and may indicate phenological changes such as litterfall. In contrast, the diversity of land cover types within the Cerrado region results in considerable heterogeneity in terms of the seasonal cycle and the influence of drought on both slope and curvature. Seasonal flooding in forest and savanna areas also produced a distinctive signature in terms of the backscatter as a function of incidence angle. This improved understanding of the incidence angle behavior of backscatter increases our ability to interpret and make optimal use of the ASCAT data record and vegetation optical depth products for vegetation monitoring.