Was Jesus speaking literally when He said "this is my body" or "this is my blood"? Some denominations, both orthodox and heretical, will claim that yes, He was, highlighting the word "is" in His statement. However, "is" does not always imply the literalness of a statement.
Kent Hovind used to begin his presentations with a simple joke. He would present a photo of his wife and announce "This is not my wife. [Pause for giggles.] This is just a picture of her". It's funny, because if he had just said "this is my wife", no one would assume he was married to the picture. When we show pictures, it's normal to say "this is my wife" or "this is my mother" or "this is my daughter" etc. My house, my car, my dog, my hand. Yes, we can even show people photos of ourselves, and it would be completely legitimate to say "this is my body". None of this is literal.
Interestingly, the Bible does contain other "is" statements that are quite plainly not literal, including at least one other blood statement. When the Mighty Men of David risked their lives retrieving water from the well, David was horrified, and refused to drink. "Is this not the blood of the men who risked their lives?" he asked. To put David's question in the form of a statement, "this is the blood of the men who risked their lives". He wasn't saying "this is quite literally the blood of the men who risked their lives". He was saying the men put their lives in danger, and so the water became representative of those men's blood.
Given that the Bible uses many "is" statements that are neither literal, nor do many people generally take them as such, is it not possible that Jesus also spoke figuratively when He said "this is my body" and "this is my blood"? As a matter of fact, it is not only possible, it is almost certain.
First, consider that there is just no sensible way in which Jesus could have been speaking literally, as this would violate the first law of logic. This is something God just wouldn't do. He isn't going to violate an essential logical law without which life as a whole could not function.
But second, and more importantly, Jesus actually says more than just "this is my body" and "this is my blood". He gives a command: "Do this in remembrance of me". A photo could be considered a memorial. Even if the subject is living, maybe even physically present, it could be a memorial. "Hey, remember that time we went to that theme park? Remember little Timmy's first birthday? Remember our first date?" Pictures are memorials that have no literal connection to their subjects. In the same way, when we eat the bread, and drink from the cup, we are not transforming them into Jesus. He is present, for sure, as His word tells us that where two or more are gathered in His name, there He is in the midst of them. But the bread and wine are not Him. Rather, in eating and drinking, we are proclaiming His death until He comes.