We read in 1 Cor 10:16-17 (ISV):

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> The cup of blessing that we bless is our fellowship in the blood of the Messiah, isn’t it? The bread that we break is our fellowship in the body of the Messiah, isn’t it? Because there is one loaf, we who are many are one body, because all of us eat from the same loaf.
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St Paul appears to be using the term "one loaf" in the literal sense while referring to the Bread Breaking Ceremony that the early Christians practiced (Acts 2:42, Acts 20:7). However, some denominations believe that transubstantiation of bread and wine into the Body and Blood of Jesus Christ during the Holy Eucharist is not something to be taken in a literal sense. My question, therefore, is: How do denominations which do not believe in transubstantiation, view 1 Cor 10: 16-17?