There is some historical significance associated with the story of Ferdinand the Bull as the Spanish Civil War is said to have begun a few months after the story of Ferdinand was written. The domestic harmless nature of the bull is said to represent pacifistic views towards the situation in Spain. Munro Leaf may have partly been influenced by the political climate around him while writing about Ferdinand, but this remains uncertain.
The 1938 short by Disney does not consider all this, and is more concerned with showing Ferdinand's love for flowers. Ferdinand does not care about bull fights unlike his fellow bulls, and prefers reclining under his favorite tree, inhaling the sweet fragrance of the flowers. His mother, despite being a 'cow' is very considerate and allows him to do as he likes. But after a bee accident, Ferdinand is thought to be the most ferocious of bulls and is brought to the bull fight. His name too changes to 'Ferdinand the Fierce' for the event; everyone including the bullfighter is scared of him and they anticipate his grand entry. What happens after this surprises everyone in the story but now us because we already know how Ferdinand actually is.
This story would have been stratospherically more poignant and rich had auteur Frederic Back made it; remember how he beautifully used the chair as a motif while showing the rapid transformation of Quebec society in his brilliant short 'Crac'. Ferdinand the Bull would have got that flavor of Spain had Back made this film; however, Disney does enough justice to make this film watchable and enjoyable. Ferdinand the Bull hence does not wow us but it does bring a smile upon our faces, which is Disney's primary aim.
Verdict: Would have been stratospherically more poignant and richer had Frederic Back made 'Ferdinand the Bull', but Disney does manage to make the short entertaining enough