Although I am not try to contradict to the HIGH AND MIGHTY CORYMAN, my experience with Panda. I believe they do develope their signiture marking quite early compare to the other cory. I have breeder group and they have been laying eggs every week since January. Anyway, mine panda fry develope the marking as early as 2~3 weeks. Start with the mask and tail caudel(sp) spot and then dorsel fin mark. And I also notice that the young have extra spot at their anal fin which get lighter and wash out when they are getting close to the parents size.
Of course, there are indivisual difference. No two fish are same, some have lighter color than the other. I also saw some picture of Panda Cory with albino traits.
Check the pictures here. They got some whiteish Panda in the bottom of the pictures
http://www.nettaigyo.com/corydoras/encyc/index-e.html
I must say I wouldn't care much for those whitish Panda. I think those 3 black marking make Panda as Panda.
I also know the fact that surrounding influence Corys color more than you might imagine. I have 2 tanks 1 with white sand and the other with black small gravel. The cory kept in the white substrate become whiter and the one in the dark substrate become much darker. Maybe I should keep some in checker or stripe and see what they do.
That is a joke but I know the thing I mentioned above maybe your cory's case?
I don't know about the hybred but I read in somewhere people was mentioning that Panda may hybreed with Davidsand.
I do have question to you Lisa. I get really good hatch rate from my Panda. Most of the time, they hatch near 100%(95 around) But considering all the eggs I'm getting every month, I seems to lose lots of fry around 3~4 weeks. And wondering how you rear your Panda fry to maturity of 6 weeks old. I would be appreciate if you can share the detail of your setting(tank size, water condition, feeding and successful rearing rate like how many hatch and how many make to 6 weeks old)with me. Thanks.