What if you bury corn down old oil wells . . . could you get carbon credits for that?

The US spends a huge amount of money every year on the corn subsidy. Originally, the idea was to make sure everyone got fed. Now everyone gets fed too much. Regardless of the value of ethanol, could we balance the scales by burying the corn instead of storing it around our middles? And, in the process, the people could acquire control of the carbon market itself.

I suppose the biggest issue would be the equal amount of oxygen and hydrogen going down the hole. Modern corn crops are all sugars, which are, in general, equal parts carbon and water. Oil is carbon and hydrogen, no oxygen.