We have to distinguish between real presence and local presence. Christ is certainly present in the administration of the Lord’s Supper (it is the Lord’s Supper), but we limit things drastically by asking whether He is locally present in the bread and wine, as they sit there on the altar (or table). And, having limited things in this way, if we answer a certain way, additional questions about the veneration of the elements naturally arise. If Christ is present there, then should we not do what we would all do if Christ were there? Wherever Christ is, Christ should be adored. But Jesus did not tell us to watch and adore. He told us to take and eat, take and drink. And in our obedience, Christ is with us. Christ inhabits the obedience, and the bread and wine are not obedient. Christ is in the participles, in the eating, and in the drinking. Christ is present in His body, and we are that body. As we take the elements and do what we were told to do (which did not include bowing down to them, adoring them, etc.) we are taken by the Holy Spirit and are knit together with Christ and the rest of His body. The elements sitting on an altar by themselves are nothing, and do nothing. But the elements are the instrument that God uses to accomplish His purposes.

Douglas Wilson, 'Papa Don't Pope: Why I'm Not a Roman Catholic' (and Why the Future is Protestant)