All supersonic bullets generate a shock wave emanating from the tip of the bullet. My older Sierra Manual has photographs of this phenomenon.
The friction of the air causes the bullet to heat and this combined with a high humidity and narrow temp dew point spread and temps between 20deg F and 70degF, you can get a condensation trail. This also is the phenomenon that the new Hornady bullet tip formulas are supposed to mitigate.
I've seen the shock wave often at high power matches. Recently, I was observing for a shooter at CMP Talladega shooting the electronic targets. He was a high classification shooter shooting the Garand match. After seeing his bullets shockwave dissappear into the target, I called a target malfunction. The staff was reluctant to the point of condescension! An examination due to protestations from several other shooters revealed a whole bank of targets were out of order due to an errant shot breaking a cable.
My brother who was a high power shooter from the '70's and '80's taught me how to utilize this to call shots on a prarie dog shoot in Montana one fall afternoon. Later in the afternoon, my .257Roberts shooting 75gr bullets at a chrono'd 3,500fps were giving con-trails. Like watching a missle explode a p-dog!
My knowledge of the necessary conditions comes from some training in supersonic aerodynamics, meterology, and extensive experience as a flight instructor which includes a similar phenomenon of carburetor icing in light aircraft. Have even had it cause an inflight engine stoppage! Once on the ground, conditions could not be duplicated. Luckily I and student made a dead stick landing at an airport.