From The Real Presence:
The doctrine of the Real Presence asserts that in the Holy Eucharist, Jesus is literally and wholly present—body and blood, soul and divinity—under the appearances of bread and wine. Evangelicals and Fundamentalists frequently attack this doctrine as “unbiblical,” but the Bible is forthright in declaring it (cf. 1 Cor. 10:16–17, 11:23–29; and, most forcefully, John 6:32–71).
The early Church Fathers interpreted these passages literally…
Article X of the Augsburg Confession states that “Of the Supper of the Lord they (i.e. Lutherans) teach that the Body and Blood of Christ are truly present”. You will usually see this presence expressed as “in, with and under” the forms of the bread and wine. But, most Lutherans do not believe that the Body and Blood of Christ remain present at the conclusion of the worship service, so while they may use the words “Real Presence” they do not mean it in the same way that Catholics do.