Of the Lord's Supper

The Supper of the Lord is not only a sign of the love that Christians ought to have among themselves one to another, but rather is a sacrament of our redemption by Christ's death — insomuch that, to such as rightly, worthily, and with faith receive the same, the bread which we break is a partaking of the body of Christ, and likewise the cup of blessing is a partaking of the blood of Christ. Transubstantiation in the Supper of the Lord cannot be proved by Holy Writ, but is repugnant to the plain words of Scripture.

The cup of blessing which we bless, isn't it a sharing of the blood of Christ? The bread which we break, isn't it a sharing of the body of Christ?
— 1 Corinthians 10:16 (WEB)

Note

Methodists hold a "real spiritual presence" view — neither bare memorial (like most Baptists) nor transubstantiation (like Roman Catholics). The bread and cup truly convey grace to faith.

Bible references

1 Corinthians 10:16-17 · 1 Corinthians 11:23-29 · Luke 22:19-20 · John 6:53-58 · Matthew 26:26-28