The field of winter wheat, which is four miles west of Gauldry, is the second area in north east Fife to have such a formation appear in the last two years after a similar shape was discovered on farmland in Luthrie last year.
The area of flattened wheat covers around two acres of land and consists of crescent, circular and cup shapes and what has been described as a "sperm-like" formation.
The cost of damage to the crop, which was due to be harvested, has been estimated at between £500 and £1000.
Matthew Wilson, whose family own the land, said his wife and mother first spotted the damage at around 7 a.m. on Saturday as they were on their way to the St Andrews farmer's market.
"I think there must have been a number of people involved in flattening the stalks," he said.
Mr Wilson said farmers in the area are concerned that the two incidents are linked and that there might be more hoaxes.
"I think it's something we will have to watch out for in future years, but I don't know how you go about securing huge areas of farmland," he said.
"You've got to wonder if these people realise the damage they've caused. It's really annoying."
Different theories have been put forward about the creation and purpose of crop circles, including the belief that they are made by extra-terrestrials to act as landing sites for alien spacecrafts, messages from extra-terrestrials or navigation devices made and used by aliens.
One theory as to the origin and meaning of the latest landmark has been proposed on the website www. cropcircleconnector.com, which suggests that part of the pattern is "sperm like".
The commentary on the site suggests that the carving "symbolises the Earth falling into the grail" and that the "sperm-like" formation symbolises a "re-birth or possibly a spiritual re-awakening of some kind".
A spokesperson for Fife Constabulary said: "We can confirm that a wheat crop on a farm in Newburgh was damaged overnight on Friday.
"We are still investigating the incident."

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