When Bluto is using Olive as his muleta and asks her for a kiss, she dramatically says, "No! No! A thousand times NO." This references the 1934 Al Lewis song (and later Betty Boop short No! No! A Thousand Times No!! (1935)).
The bull does a version of the popular Mexican Hat Dance here.
Popeye consumes several cans of spinach in this short, as well as some of the locally grown variety. But the correct Spanish word for the green stuff is espinaca.
The chili bowl seen is likely a pun on the new sports competition, post season college football bowl games, as well as the popular postwar dish, chili con carne.
The bull re sharpens his horns with and old fashioned pencil sharpener.