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All of the statements are correct. A synthetic commodity forward price can be derived by combining a long position on a commodity forward, F_0,T , and a long zero-coupon bond that pays F_0,T at time T. The total cost at time 0 is equivalent to the cost of the bond, e^-rTF_0,T. The forward contract does not have any initial cash flows at time 0. The payoff at time T is S_T – F_0,T + F_0,T = S_T, where S_T is the spot price of the commodity at time T. The present value of the expected spot price at time T is E(S_T)e^–αT. This amount is equivalent to the cost of the bond, e^-rTF_0,T, because both represent the amount you would pay today to receive the commodity at time T.