John Calvin Commentary 1 Corinthians 14:3

"But he that prophesieth speaketh unto men edification, and exhortation, and consolation." — 1 Corinthians 14:3 (ASV)

He that prophesieth, speaketh unto men. “Prophecy,” he says, “is profitable to all, while a foreign language is a treasure hidden in the earth. What great folly it is, then, to spend all one’s time on what is useless and, on the other hand, to neglect what appears to be most useful!”

To speak to edification, is to speak what contains doctrine fitted to edify. For I understand this term to mean doctrine by which we are trained to piety, to faith, to the worship and fear of God, and the duties of holiness and righteousness.

However, since we mostly need goads, while others are pressed down by afflictions or labor under weakness, he adds to doctrine, exhortation and consolation.

It appears from this passage, and from what precedes, that prophecy does not mean the gift of foretelling future events; but as I have said this once before, I do not repeat it.