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I am fairly certain the loot can change within hours.
Same thing happens with the boxes dropped by Southsea pirates, in Tanaris. This was learned much to my sorrow. My shaman found a box with a 2.60 speed offhand dagger in it, while my current one was not only faster, but also around level 30 (I was leveling hard, AH shopping be damned). My pack was full at the time, though, so I elected not to throw something away to loot it.
I later got back to Gadgetzan and found... a dead parrot.
I suspect a box is somewhat like an instance; it can "soft reset".
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