The Apostle Paul's language of "proclaim His death" and "until He comes" (1 Corinthians 11:26) logically suggests that the body of Jesus Christ is physically absent from the world at this point in time. He will return again to establish everlasting peace. If transubstantiation is true, then this passage of Scripture has been devoid of substance because Christ would be coming down from heaven on a daily basis by the command of ordained ministerial priests.
The Lord Jesus Christ told His disciples that they would not see Him in the flesh after His ascension into heaven (John 7:33; 16:10; Acts 1:8-9). If He comes down from His throne at the command of a priest, then He would be contradicting Himself because He would be descending on a daily basis for believers to behold under the appearance of bread and wine.
Paul stated that Christ is sitting at the right hand of God the Father (Colossians 3:1). If he believed in the Roman Catholic doctrine of the real presence, then it would have been perfectly reasonable for him to provide an exception to that idea. But he does not. Paul said elsewhere, "...even though we have known Christ according to the flesh, yet now we know Him in this way no longer." (2 Corinthians 5:16).
What can be inferred from the text of Scripture is Christ being present amongst believers in a spiritual sense (Matthew 18:20; 28:20). He is made present in our minds as we bring into remembrance the significance of His atoning work. Christ does not need to physically come down from heaven to be orally consumed in order to impart grace and nourish our faith.