  With a variational three--body calculation we study the role of the interplay
between the onsite Coulomb, Hund's rule, and superexchange interactions on the
spinwave excitation spectrum of itinerant ferromagnets. We show that
correlations between a Fermi sea electron--hole pair and a magnon result in a
very pronounced zone boundary softening and strong deviations from the
Heisenberg spinwave dispersion. We show that this spin dynamics depends
sensitively on the Coulomb and exchange interactions and discuss its possible
relevance to experiments in the manganites.
