“This passage makes it extremely clear that Paul – who received his understanding of it directly from Jesus Christ, as he declares – regards the Eucharist as truly the Body and Blood of Christ.”
It does no such thing. The entire chapter is discussing good conduct within the Church of God. For example, hair length for men, coverings for women. Paul was speaking of the Lord’s Supper, which is obviously an actual supper, and not a ritual where one gets a wafer and a sip of wine. The Corinthians were abusing it with gluttony and drunkenness, or eating separately from one another, before all were gathered, so that some would starve and another would be drunk. For that cause God was punishing them. Here is the preceding scripture:
1Co 11:19-22 For there must be also heresies among you, that they which are approved may be made manifest among you. (20) When ye come together therefore into one place, this is not to eat the Lord’s supper. (21) For in eating every one taketh before other his own supper: and one is hungry, and another is drunken. (22) What? have ye not houses to eat and to drink in? or despise ye the church of God, and shame them that have not? What shall I say to you? shall I praise you in this? I praise you not.
Here is his opinion:
For I received from the Lord what I also delivered to you, that the Lord Jesus on the night when he was betrayed took bread, and when he had given thanks, he broke it, and said, “This is my body which is for you. Do this in remembrance of me.” In the same way also the cup, after supper, saying, “This cup is the new covenant in my blood. Do this, as often as you drink it, in remembrance of me.” (1 Cor 11:23-25)
The cup of blessing which we bless, is it not a communion in the blood of Christ? The bread which we break, is it not a communion in the body of Christ? (1 Cor 10:16)
Whoever, therefore, eats the bread or drinks the cup of the Lord in an unworthy manner will be guilty of profaning the body and blood of the Lord. Let a man examine himself, and so eat of the bread and drink of the cup. For any one who eats and drinks without discerning the body eats and drinks judgment upon himself. (1 Cor 11:27-29)