There's a view Fonterra's strong result today is unlikely to climb much more.

The dairy giant's reported a 2.8 percent rise in first-half net profit to $750 million.

It's also announced a 20 cent lift in the farmgate milk price - and a $9.70 midpoint per kilo of milksolids.

Federated Farmers Dairy Chair, Karl Dean, says given global uncertainty, he doesn't think the midpoint will reach $10.

"The futures market is sitting around the $9.70-$9.80 mark, so Fonterra's got it pretty much where the futures are."

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