What you are seeing is a phenomena called ghosting. You are exactly right -- it has to do with the settling time of your ADC.
Check out this KB for more information:
http://digital.ni.com/public.nsf/websearch/5B86A63ECC0D48828625629800571743?OpenDocument
It is puzzling though, because the default of 1000 Hz you should not see any ghosting though. To check the sampling rate in your application, you can put down a DAQmx Timing Property node & choose Sample Rate as your output.
Regards,
Anuj D.