In the schweser book, they first mention that if there ared storage costs then the no-arbitrage forward price is F >=S0e^(rf + lambda)T
Then they mention on another page that for the investor who does not earn the convenience yield, cash and carry arbitrage implies that:
F <=S0e^(rf + lambda)T
Can anyone please clarify this? I try looking at older posts I couldn’t find something helpful!