usage of the words prophecy and prophesy

[Xandr]

I want to say that I prophesy. Is this the correct word or do I say I prophecy. I know that prophesy is a verb and prophecy is a noun yet they are used interchangeably in context to one who foretells and event. Can you help me distinguish how to use the correct word to express when one foretells and event and when one is foretelling the event? I prophecy does sound right. I prophesy seems more correct. But I am not sure. Could someone explain the usage by several examples. Thank you. xandr

[Jamie (K)]

You have to use the verb where a verb is needed and a noun where a noun is needed.

"They prophesy a better harvest this year."
"They stated their prophecy about the harvest."

Here is something from the Oxford American dictionary that you should take note of: