Take some stock footage - the opening bullfight scene is from "Bully for Bugs" from 10 years earlier and throw in Speedy, Sylvester (with no dialogue) and some sombrero-topped mice. There is little originality on display here, with the usual bull-fighting japes being rehashed over the top of the backgrounds from the Bugs Bunny cartoon mentioned above.
One annoying continuity error - at one stage, the mice who are in the bleachers cheering the contest are shown to be fast enough to get away from Sylvester. This is at odds with all other Speedy Gonzalez plots where only Speedy is fast enough to avoid being caught by the cat.
Don't fret if you miss this one. You haven't missed much.