I ain’t Jon, but I’ll bite
Officially speaking, Lutherans who subscribe to the Book of Concord do not believe in Consubstantiation. If any term is really used, it is that of Sacramental Union, which means that the Body and Blood of Christ are truly present in the Eucharist, but along with the bread and wine. Another favorite phrase used is “in, with, and under the forms of bread and wine”. The whole idea of Sacramental Union is viewed analogously to the doctrine of the Hypostatic Union. Just as Jesus is truly Divine and Human, and in no way does either Nature subsume or obliterate each other, but are rather perfectly and without mingling united together, so then also are the Eucharistic elements and Christ’s Body and Blood.
When you boil it down, it comes out to this:
We don’t attempt to define the means of how Christ’s Body and Blood are made present within the Sacrament of the Altar. Jesus says this bread is His Body, therefore it is; Jesus says this is His Blood, and therefore it is. We know this because Jesus is the Logos of God, and all things are brought into being through the command of the very same.
Therefore, just as it was said “Let there be light” and it was, and just as it was said “Go, your sins are forgiven” and they were, and just as it was said “Lazarus, arise and come forth” and Lazarus rose from the dead, so to then when it is said “This bread is my Body broken for you; This wine is my Blood of the New Covenant”, so it is.