They had run out of things to gamble on, so turned to rice and other commodities.
From a 2008 article:
"The conventional explanations for the flare in prices are population growth, diversion of corn and soybeans to biofuel production, rising Asian and Middle Eastern demand for high-value foods, higher transport costs and crop failures. Oddly little has been said about the role of speculation in the rise in commodity prices generally and specifically in food.
On the Chicago CME Group market, which deals in some 25 agricultural commodities - it is a merger of the former Chicago Mercantile Exchange and Chicago Board of Trade - the volume of contracts has increased by 20 percent since the start of the year and now has reached the level of a million contracts a day. This will soon exceed the rate of growth reached in all of 2007.
The hedge funds are now active in commodities and are playing the futures contracts, where upwards of 30 million tons of soybeans for future delivery are contracted for every day. They are also buying the companies that stock."
http://www.nytimes.com/2008/04/16/opinion/16iht-edpfaff.3.12052202.html