They also said they thought there were no suspicious circumstances surrounding the death.
Gwent Police last week had reissued an appeal for information regarding the whereabouts of Mr Raynor, who hadn't been seen for more than a week.
He was last seen at his home address on Justins Hill, Wyesham, Monmouth on Thursday, May 21 at approximately 10pm.
Extensive inquiries had been made in the Bristol and Gloucester areas where he was believed to have had contacts.
Police visited Mr Raynor's family on Monday night. No statement has been issued but it is understood they are deeply upset.
It is believed canoeists at Redbrook made the initial discovery and alerted emergency services.