Mark 14:22 While they were eating, Jesus took bread, gave thanks and broke it, and gave it to his disciples, saying, "Take it; this is my body."
it....it....it....this
The bread and wine are analogues same as the use of the word new wine in Matt 9:17.
Matt 9:17
17 Neither do men put new wine into old bottles: else the bottles break, and the wine runneth out, and the bottles perish: but they put new wine into new bottles, and both are preserved.
The New Testament is full of analogues if we took every word as it is spoken at face value then we become like Nicodemus who asked
John 3:3-4
3 Jesus answered and said unto him, Verily, verily, I say unto thee, Except a man be born again, he cannot see the kingdom of God.
4 Nicodemus saith unto him, How can a man be born when he is old? can he enter the second time into his mother's womb, and be born?
I've found that the key to Communion lays in the significance of faith alone in Christ alone.
He received the sins of many, imputed upon Him by the Father, while He was in His body. He remained faithful to the Father, even unto the separation of His spirit from the body and soul from the body.
His body was broken due to sin, which he didn't commit or cause, but which He received while faithful to the Father.
We receive the bread, the body of Christ, broken for us as a consequence of His faithfulness to the Father. We take the bread in faith of His work on the cross which had very real meaning and action.
The wine being the blood of the New Covenant, serves an additional binding within a Covenant. The Covenant is unilateral, but by drinking the wine, while in fellowship with Him, and by faith alone in Christ alone, we also exhibit the same faith He exhibited on the Cross. We recognize that the New Covenant also leads us to an indwelling of the Holy Spirit, which is discernable from the Old Testament enduement of the Spirit. This truly is a new Church Age, wherein every believer is indwelt by all three persons of the Godhead.
There may be some significance to transubstantiation, although I've found simple faith in Him to be sufficient in the Eucharist and Communion, rather than belief of consuming His flesh and actual blood. By leaving the issue by faith to Him, we are covered in either case.