That, in context, and consistent with the next chapter, is simply NOT referring to the nature of the elements of the Lord's Supper, which are not even the focus, but that which is censured, that of not recognizing the Lord's body as the church for whom Christ died, by ignoring others while they filled their faces, "shaming them that have not," as if these were not not part of the body.
Thus they actually were not having the Lord's supper:
When ye come together therefore into one place, this is not to eat the Lord's supper. For in eating every one taketh before other his own supper: and one is hungry, and another is drunken. 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. (1 Corinthians 11:20-22)
And "for as as often as ye eat this bread, and drink this cup, ye do shew the Lord's death till he come," (1 Corinthians 11:26) thus they are to examine themselves whether they are acting consistent with what they are supposedly showing, proclaiming, that of Christ's death for them.
To not do so, would be render them "guilty of the body and blood of the Lord," who died not just for individuals, but the church "which he hath purchased with his own blood." (Acts 20:28)
For he that eateth and drinketh unworthily, eateth and drinketh damnation to himself, not discerning the Lord's body. (1 Corinthians 11:29)
The church as the body of Christ, which as Paul proceeds to say in the next chapter, "is not one member by many," in continuing this theme, is clearly what is referred to as not being recognized, thus the concluding corrective,
Wherefore, my brethren, when ye come together to eat, tarry one for another. And if any man hunger, let him eat at home; that ye come not together unto condemnation (1 Corinthians 11:33,34)
Even the RC notes in the RC NAB state,
" The self-testing required for proper eating involves discerning the body (1 Cor 11:29), which, from the context, must mean understanding the sense of Jesus’ death (1 Cor 11:26), perceiving the imperative to unity that follows from the fact that Jesus gives himself to all and requires us to repeat his sacrifice in the same spirit (1 Cor 11:18–25). - http://usccb.org/bible/1corinthians/11 More here .
Now before you or anyone else tries to deny this, or otherwise begins telling us what it means, tell me,
Is what Scripture says or what Rome says (Scripture, tradition or history) says determinative of Truth for you?
Where does Rome indisputably interpret 1Cor. 11:29 (not discerning the Lord's body)?
Do you take Jn. 53,54 literally, so that one must believe and receive the Eucharist in order to have life in them, and eternal life? If not, explain.
I think Christ has answered the query to your last question.