Both explanations provided by Singh are correct. The forward price of a commodity is indeed the future value of the prepaid forward price of the commodity. This is because the forward price is the agreed upon price of a commodity to be delivered and paid for at a future date. Therefore, it is the future value of the prepaid forward price, which is the price of the commodity if it were to be paid for immediately (prepaid) and delivered at a future date.

Similarly, the prepaid forward price for a commodity is the present value of the futures price of a commodity that is to be received on a specific future date. This is because the prepaid forward price is the price of the commodity if it were to be paid for immediately (prepaid) and delivered at a future date. Therefore, it is the present value of the futures price, which is the agreed upon price of a commodity to be delivered and paid for at a future date.

Choice A is incorrect. Explanation I provided by Singh is correct. The prepaid forward price for a commodity is indeed the present value of the futures price of a commodity that is to be received on a specific future date. This concept reflects the time value of money, where the present value of an expected future cash flow can be calculated using an appropriate discount rate.

Choice B is incorrect. Explanation II provided by Singh is also correct. The forward price of a commodity can be considered as the future value of its prepaid forward price, which essentially means it's what you would have to pay in today's dollars for delivery at some point in the future.

Choice C is incorrect. As explained above, both explanations provided by Singh are accurate and align with standard financial theory and practice in commodities trading.