Evapotranspiration (ETR), reference evapotranspiration (ET0), and seasonal ETR totals were determined for soybean over two growing seasons, at Keszthely, Hungary, using traditionally operated and converted evapotranspirometers. The study aimed to document the plant–water response of two soybean varieties (Sinara: Sin; Sigalia: Sig) which have different water demands. Three water supply treatments were tested: unlimited (WW) watering, 50% of crop water requirement (RO), and rainfed (P). Reconstructed evapotranspirometers allowed crop water deprivation to be simulated under field conditions. ETR sums were higher during the cooler 2017 than in the warmer 2018, calling attention to the importance of being informed about more detailed meteorological variables other than monthly (seasonal) means. In addition to variation in daily mean air temperatures (Ta), maximum Ta played a key role in determining ETR under naturally occurring extreme weather conditions in 2018. Irrespective of the variety, daily mean ETR was on average 65–75% greater than in the water-stress treatment. Unexpectedly, water stress-tolerant Sin used slightly more water than Sig, which was bred for standard weather conditions. Measured mean ETR was as much as 10% higher than derived ET0 rates, causing crop coefficient to exceed 1.0 during flowering. Careful selection of the soybean variety when practicing water-saving management may lead to more efficient variety improvement in a breeding program. It may also be important for soybean producers and farmers to adopt the best variety, aiming to decrease the use of irrigation water to increase seed yield.