Cold powder shoots bullets out slower than hot powder. Some tests were done with the .30-06 showing for a 1 degree change in powder temperature, there's about 1 to 2 fps change in muzzle velocity. Details can be seen at:
http://books.google.ca/books?id=yESN...rature&f=false
At long range with the .30-06, there's about 1.5 to 2 MOA change in elevation on the sight for every 50 fps change in muzzle velocity. At 100 yards, the change is about 1/10th MOA.