The belief of the real presence by Lutherans and Orthodox is quite biblical. Transubstantiation goes beyond scripture. It explains the biblical real presence using terms and ideas from philosophy, as such, transubstantiation is not biblical.
Marv
From the book Orthodoxy, Roman Catholicism and Anglicanism (1972) by the Greek Orthodox Archbishop of Aksum, Methodios Fouyas --
"Roman and Orthodox teach that by the words spoken in the Holy Eucharist the species of bread and wine are changed into the Body and Blood of Christ, so that although these species have the outward qualities of bread and wine, essentially they are the Body and Blood of Christ." (Fouyas, page 187, footnote refers to Cyril of Jerusalem, Cat 22; John of Damascus, De Fide Orth 4:13; John Chrysostom, Hom 82:4 in Matt as well as the Council of Trent, Session 13)
After quoting an Anglican writer who said "Orthodox theologians do not adhere to the Roman Catholic doctrine of transubstantiation..." Fouyas responds:
"This is not quite accurate, because the Orthodox Church does not reject the word 'Transubstantiation,' but it does not attach to it the materialistic meaning which is given by the Latins. The Orthodox Church uses the word 'Transubstantiation' not to define the MANNER in which the bread and wine are changed into the Body and the Blood of the Lord, but only to insist on the FACT that the Bread truly, really, and substantially becomes the very Body of the Lord and the wine the very Blood of the Lord. In this sense it is interpreted by St. John of Damascus [Holy and Immaculate Mysteries, Cap 13:7]." (Fouyas, page 188-189, footnote refers also to the Orthodox Councils of Jerusalem [1672] and of Constantinople [1727] -- see above)
Fouyas continues and provides several words used by the Orthodox to describe the change in the elements:
"In the same manner the majority of the Orthodox theologians used, for the idea of Transubstantiation, a Greek term drawn from the teaching of the ancient Greek Fathers; the terms used include Metousiosis, Metabole, Trope, Metapoiesis, etc, or the Slavonic Presushchestvlenie, equivalent of the Greek Metousiosis. The Slavonic word Sushchestvo corresponds not to substantia, but to ousia (essentia)." (Fouyas, page 189)