Perhaps the encoder is getting confused with white noise at a low quality/bitrate?
I note that you are not specifying bitrate or VBR quality setting.
You might want to increase these from default to see if the problem persists.
You may even be able to test that theory with
http://freshmeat.net/projects/whitenoise/
Also, I'm running lame 3.96.1-1, and the manpage shows:
For WAV and AIFF input files, using -m -I m will always produce a mono .mp3 file from both mono and stereo input.
So I suggest you start with a simpler line and work up, adding bitrate and quality settings as you go:
eg:
lame -m -I m filename.wav filename.mp3
lame -m -I m -v -b 128 -B 160 filename.wav filename.mp3
...etc.
ps. double check your sampling frequency.