You can do this by using something similar
<?php
//Post we need to update
$id = 37;
$custom_field = get_post_meta( $id, 'custom_field_key', true );
// Update post 37
$mg_post = array(
'ID' => $id,
'post_content' => $custom_field,
);
// Update the post into the database
wp_update_post( $mg_post );
//Delete the custom field
delete_post_meta( $id, 'custom_field_key' );
?>
Hope you got the idea. Let me know what have you tried.