It is understood Jonathan Odgers, 23, was working under the silo on his family's dairy farm in Lilford Rd when it collapsed on top of him at about 4 pm.
Police, Country Fire Authority, Shepparton Search and Rescue and Ambulance personnel attended the scene shortly after the incident but were unable to save him.
The fatality brings the number of workplace deaths in Victoria this year to 14, which is eight more than at this time last year.
It is the fourth death on a farm this year which is the most of any industry, and only two fewer fatalities than the agriculture sector recorded for all of last year.
Worksafe chief executive Colin Radford said the growing number was a reminder that every workplace needed to stay focused on safety despite their changing priorities.
“Each of these deaths is a tragedy for families, co-workers and communities who are having to deal with the loss of a loved one at an already difficult time,” he said.
While many Victorian workplaces are set to look very different as the community continues to respond to the coronavirus pandemic, Mr Radford reminded people that it didn't mean safety should take a back seat.
“While employers are spending a lot of time and energy on adapting to the crisis, they must continue to do everything they can to protect the health and well-being of their workers,” he said.
WorkSafe is investigating the death.